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HOUSTON--(BUSINESS WIRE)--
Anadarko Petroleum Corporation (NYSE:APC) today announced a
substantial
oil discovery at its Heidelberg prospect in Green Canyon block 859 in
the deepwater Gulf of Mexico. The discovery well
encountered more than
200 feet of net oil pay in several high-quality Miocene sands.
"The Heidelberg discovery further validates our geologic understanding
of the subsalt Miocene trend. The well encountered the same-age sands
and reservoir characteristics similar to the previously announced
Caesar/Tonga discoveries," said Bob
Daniels, Anadarko Sr. Vice
President, Worldwide Exploration. "Since 2005, we have drilled seven
successful exploration wells in this Middle-Miocene trend, each
targeting resources of more than 100 million barrels."
Heidelberg is located in approximately 5,000 feet of water and, to date,
has been drilled to a total depth of approximately 28,500 feet.
Heidelberg's proximity to Anadarko's 100-percent owned Constitution spar
enhances the company's flexibility to consider a variety of development
options after further appraisal, which Anadarko intends to conduct in
the second half of 2009. Anadarko operates the block with a
44.25-percent working interest. Partners in the discovery include
Mariner Energy, Inc. (12.5-percent working interest), ENI (12.5-percent
working interest), StatoilHydro (12-percent working interest),
ExxonMobil (9.375-percent working interest) and Cobalt International
Energy, L.P. (9.375-percent working interest).
Once drilling operations are complete at Heidelberg, Anadarko plans to
drill the Vito prospect in Mississippi Canyon block 984, which Anadarko
operates with a 20-percent working interest. Vito is a 30,500-foot test,
targeting Miocene objectives in 4,000 feet of water and is on trend with
other recently announced industry discoveries at Kodiak and Freedom.
Anadarko also is currently drilling the Shenandoah Lower-Tertiary
prospect, located in Walker Ridge block 52. Anadarko operates Shenandoah
with a 30-percent working interest.
An additional exploration well is planned to spud during the first
quarter at the Samurai prospect, which is operated by Anadarko with a
33.33-percent working interest. Samurai is a Middle- and Lower-Miocene
test located in Green Canyon block 432.
A map of the Heidelberg discovery and other Anadarko-operated
discoveries, producing fields and infrastructure in the Green Canyon
area of the Gulf of Mexico can be found under the "Media
Center/Anadarko
News" tabs on the company's Web site at www.anadarko.com.
Anadarko Petroleum Corporation's mission is to deliver a competitive and
sustainable rate of return to shareholders by exploring for, acquiring
and developing oil and natural gas resources vital to the world's health
and welfare. As of year-end 2007, Anadarko had 2.4 billion barrels of
oil equivalent of proved reserves, making it one of the world's largest
independent oil and natural gas exploration and production companies.
For more information about Anadarko, please visit www.anadarko.com.
This news release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934. Anadarko believes that its
expectations are based on reasonable assumptions. No assurance,
however, can be given that such expectations will prove to have been
correct. A number of factors could cause actual results to differ
materially from the projections, anticipated results or other
expectations expressed in this news release, including our ability to
successfully drill, complete, test and produce the wells
described in this release. See "Risk Factors" in the company's
2007 Annual Report on Form 10-K and other public filings and press
releases. Anadarko undertakes no obligation to publicly update or revise
any forward-looking statements.
Cautionary Note to U.S. Investors: The United States Securities and
Exchange Commission ("SEC") permits oil and gas companies, in their
filings with the SEC, to disclose only proved reserves that a company
has demonstrated by actual production or conclusive formation tests to
be economically and legally producible under existing economic and
operating conditions. Anadarko uses certain terms in this news release,
such as "resources" and similar terms that the SEC's guidelines strictly
prohibit Anadarko from including in filings with the SEC. U.S. Investors
are urged to consider closely the disclosure in Anadarko's Form 10-K for
the year ended Dec. 31, 2007, File No. 001-08968, available from
Anadarko at www.anadarko.com
or by writing Anadarko at: Anadarko Petroleum Corporation,
1201 Lake
Robbins Drive, The Woodlands, Texas
77380, Attn: Investor Relations. You
can also obtain this form from the SEC by calling 1-800-SEC-0330.
Source: Anadarko Petroleum Corporation
Anadarko
Media:
John
Christiansen, 832-636-8736
john.christiansen@anadarko.com
Paula
Beasley, 832-636-8765
paula.beasley@anadarko.com
Matt
Carmichael, 832-636-2845
matt.carmichael@anadarko.com
Investors:
John
Colglazier, 832-636-2306
john.colglazier@anadarko.com
Chris
Campbell, CFA, 832-636-8434
chris.campbell@anadarko.com
Danny
Hart, 832-636-1355
danny.hart@anadarko.com