Encounters More Than 115 Net Feet of Pay
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HOUSTON, TX, Sep 13, 2010 (MARKETWIRE via COMTEX) -- Anadarko Petroleum Corporation (NYSE: APC) today announced that the Owo-1 sidetrack well offshore Ghana encountered an additional 115 net feet of pay, which includes 52 net feet of high-quality oil pay that appears to be in pressure communication with the Owo-1 discovery well. Collectively, the Owo-1 discovery well and the Owo-1 sidetrack well have encountered more than 225 net feet of high-quality oil pay and a gross oil column of more than 655 feet.
"The Owo-1 sidetrack results confirm the existence of a very significant oil accumulation that we are eager to further appraise in coming months," Anadarko Sr. Vice President, Worldwide Exploration Bob Daniels said. "The Owo field offers another promising oil development project for the partnership and for the Republic of Ghana and continues to highlight the prospectivity of our large acreage position in the West African Cretaceous Trend. As part of our active exploration and appraisal drilling program across our more than 7 million gross acres in the trend, we are mobilizing the Deepwater Millennium drillship from Brazil and expect to spud our second exploration well offshore Sierra Leone in the third quarter."
The Owo-1 sidetrack, located approximately 2,000 feet to the east of the Owo-1 discovery well, was drilled to a total depth of approximately 13,120 feet in water depths of approximately 4,685 feet in the Deepwater Tano Block. In addition to the oil pay mentioned above, the well also encountered an additional 43 net feet of condensate pay and 20 net feet of natural gas pay in a deeper sandstone section beneath the primary objective. Once operations are complete, the partnership plans to mobilize the rig to drill the Onyina-1 exploration well, a large Campanian prospect located between the Tweneboa and Jubilee fields.
Anadarko holds an 18-percent working interest in the Deepwater Tano Block. Tullow Oil is the operator with a 49.95-percent working interest, and the other co-owners in the discovery are Kosmos Energy (18-percent working interest), Sabre Oil & Gas (4.05-percent working interest) and the Ghana National Petroleum Corporation (10-percent carried interest).
A map of the Owo area in the Deepwater Tano Block and the partnership's successful drilling activity offshore Ghana will be available under the "Media Center/Anadarko News" tab 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 2009, 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 and 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 and prospects identified in this news release. See "Risk Factors" in the company's 2009 Annual Report on Form 10-K, Quarterly Report on Form 10-Q for the quarter ended June 30, 2010 and other public filings and press releases. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Anadarko undertakes no obligation to publicly update or revise any forward-looking statements.
Map of Owo-1 Sidetrack
SOURCE: Anadarko Petroleum Corporation