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HOUSTON--(BUSINESS WIRE)--Sep. 16, 2009--
Anadarko Petroleum Corporation (NYSE:APC) today announced a
discovery at the Venus exploration well in block SL 6/07 offshore Sierra
Leone. The Venus B-1 well was drilled to a total depth of approximately
18,500 feet in about 5,900 feet of water and encountered more than 45
net feet of hydrocarbon pay. Venus is the first deepwater test in the
Sierra Leone-Liberian Basin.
"The Venus discovery confirms the existence of an active petroleum
system in the basin and enhances the prospectivity of our vast West
Africa acreage position," said Bob Daniels, Anadarko Sr. Vice President,
Worldwide Exploration. "With Jubilee on the east and Venus on the west,
we have established bookends spanning approximately 1,100 kilometers
(700 miles) across two of the most exciting and highly prospective
basins in the world. Anadarko and our partners are evaluating the
initial results of the well and the forward plan for the prospect, and
anticipate additional drilling in the area. We are optimistic that the
continued success of our West African Cretaceous program will create
substantial value for our stakeholders as well as the people of West
Africa through continued investment and increased activity. Anadarko
plans to drill two to five wells in the trend next year."
The Venus prospect is one of Anadarko's more than 30 identified
prospects and leads on its West Africa acreage
position, which includes
interests in almost 8 million acres across 10 blocks offshore Sierra
Leone, Liberia, Cote d'Ivoire and Ghana.
Anadarko operates seven of the
blocks and the majority of the identified prospects with an average
working interest of approximately 40 percent.
The company plans to continue its West Africa drilling
operations in the
Cretaceous Trend by drilling the South Grand Lahou exploration well in
block CI 105 offshore Cote d'Ivoire once activities are completed at the
Venus discovery well.
Anadarko operates the Venus well with a 40-percent working interest.
Co-owners in the discovery include Woodside (25-percent working
interest), Repsol (25-percent working interest) and Tullow (10-percent
A map of the Venus discovery and Anadarko's West Africa
will be available under the "Media Center/Anadarko News" tab at www.anadarko.com.
CONFERENCE CALL TODAY AT 7:30 A.M. CDT, 8:30 A.M. EDT
Anadarko will host a conference call today, Sept. 16, 2009 at 7:30 a.m.
Central Daylight Time (8:30 a.m. Eastern Daylight Time) to discuss the
results of the Venus well and its ongoing West Africa
program. The dial-in number is 888.679.8040 in the United
617.213.4851 internationally. The confirmation number is 90952793. For
complete instructions on how to listen to the conference call or live
audio webcast, please visit www.anadarko.com.
A replay of the call will also be available on the Web site for
approximately 30 days following the conference call.
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 2008, the company had approximately 2.3
billion barrels-equivalent of proved reserves, making it one of the
world's largest independent 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 Anadarko's ability to successfully drill,
complete, test and produce the wells identified in this news release.
See "Risk Factors" in the company's 2008 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.
Source: Anadarko Petroleum Corporation
Anadarko Petroleum Corporation
Campbell, CFA, 832-636-8434