Exxon Mobil Corporation (NYSE:XOM) subsidiary, ExxonMobil
Exploration and Production Indonesia (Mandar) Limited, has signed a
Production Sharing Contract (PSC) with the government of Indonesia for
the Mandar block located in the Makassar Straits offshore West
Sulawesi. This contract will enable exploration activities on the
block to begin. ExxonMobil was announced the successful bidder for the
Mandar block in the 2006 Indonesian Exploration Tender Round by the
government of Indonesia with a 100 percent participating interest.
The Mandar block, which comprises 1 million acres (4,200 square
kilometers), is located in the Southern Makassar Basin in water depths
ranging from the coastline to more than 6,000 feet (2,000 meters).
"The Mandar block augments ExxonMobil's acreage position in the
Makassar Straits where we have a PSC in place for the Surumana block
from the previous tender round," said Steve Greenlee, vice president
of ExxonMobil Exploration Company.
Subsidiaries and predecessors of Exxon Mobil Corporation have been
operating in Indonesia for more than 100 years. Since 1968, ExxonMobil
companies have invested more than $17 billion in the country.
CAUTIONARY STATEMENT: Estimates, expectations, and business plans
in this release are forward-looking statements. Actual future results,
including resource recoveries, production rates, and project plans and
schedules, could differ materially due to changes in market conditions
affecting the oil and gas industry or long-term oil and gas price
levels; political or regulatory developments; reservoir performance;
timely completion of development projects; technical or operating
factors; and other factors discussed under the heading "Factors
Affecting Future Results" in the Investor Information section of our
website (www.exxonmobil.com) and in Item 1A of our most recent Form
10-K.
