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ConocoPhillips Confirms North Sea Discovery


WEBWIRE

HOUSTON, September 8, 2006 --- ConocoPhillips [NYSE:COP] today confirmed the discovery of a new gas condensate field in blocks 30/6 and 30/7 in the United Kingdom sector of the North Sea, approximately five miles (nine kilometres) west of the Judy field. ConocoPhillips UK Limited is the Operator and holds a participating interest of 36.5 percent in the new discovery along with ENI SpA (33.0 percent) and BG Group (30.5 percent).

Exploration well 30/6-6, which ConocoPhillips drilled earlier this year in a water depth of 265 feet (81 meters), confirmed the presence of a hydrocarbon accumulation. An immediate sidetrack of the well, drilled to a total depth of approximately 16,000 feet (4800 meters) True Vertical Depth Subsea (TVDSS), further delineated the discovery. The sidetrack resulted in a gross hydrocarbon column of more than 2000 feet (600 meters) in the Triassic Joanne sandstone.

“We are currently evaluating the results from the well, to determine the forward plan with regard to appraisal and development activities,” said Archie Kennedy, managing director of ConocoPhillips (U.K.) Limited.

ConocoPhillips is an integrated petroleum company with interests around the world. For more information, go to www.conocophillips.com.
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CAUTIONARY STATEMENT FOR THE PURPOSES OF THE “SAFE HARBOR”
PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that contain projections about our revenues, income, earnings and other financial items, our plans and objectives for the future, future economic performance, or other projections or estimates about our assumptions relating to these types of statements. These statements usually relate to future events and anticipated revenues, earnings, business strategies, competitive position or other aspects of our operations or operating results. In many cases you can identify forward-looking statements by terminology such as “anticipate,” “estimate,” “believe,” “continue,” “could,” “intend,” “may,” “plan,” “potential,” “predict,” “should,” “will,” “expect,” “objective,” “projection,” “forecast,” “goal,” “guidance,” “outlook,” “effort,” “target” and other similar words. However, the absence of these words does not mean that the statements are not forward-looking. The forward-looking statements are based on management’s expectations, estimates and projections about ConocoPhillips and the petroleum industry in general on the date this statement was released. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Economic, business, competitive and regulatory factors that may affect ConocoPhillips’ business are generally as set forth in ConocoPhillips’ filings with the Securities and Exchange Commission (SEC). ConocoPhillips is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements whether as a result of new information, future events or otherwise.



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