Anadarko Announces Discovery Offshore Ghana

Published on Monday, 26 July 2010 02:04 Written by TradersHuddle Staff

HOUSTON-( Business Wire )-

Anadarko Petroleum Corporation (NYSE:APC) today announced another significant discovery offshore Ghana at the Owo prospect in the Deepwater Tano Block. The discovery well encountered approximately 174 net feet of high-quality oil pay in two zones of stacked Turonian-age reservoir sands contained within a gross vertical reservoir interval of more than 500 feet. Pressure data indicates that these zones are part of the same accumulation, and the oil appears to be light crude between 33 and 36 degrees API.

“Building on the success of Jubilee and Tweneboa, Owo marks the partnership’s third substantial discovery offshore Ghana and continues to enhance the gross resource potential of this prolific area and validate the quality of our geologic models,” said Bob Daniels, Anadarko Sr. Vice President, Worldwide Exploration. “We plan to continue an active drilling program offshore Ghana through the end of this year and into 2011 with multiple appraisal wells planned for both the Tweneboa field and now the adjacent Owo discovery. In addition, we expect to resume the westward expansion of our exploration activity in the Cretaceous Fan play, where we’ve identified more than 30 prospects and leads with size and geologic characteristics similar to the Jubilee field across our 8-million-gross-acre position offshore Ghana, Cote d’Ivoire, Liberia and Sierra Leone.”

The Owo-1 well has been drilled to a total depth of approximately 12,765 feet in about 4,685 feet of water. The partnership plans to sidetrack the well to further define the sand continuity as well as test a deeper and laterally offset part of the Owo channel system. Cores are also planned in the well to provide additional reservoir data needed for a potential development plan. After the sidetrack is complete, the rig will be mobilized to drill the Onyina prospect that also is located on the Deepwater Tano Block.

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 discovery 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 March 31, 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.

Anadarko Petroleum CorporationMEDIA:John Christiansen, 832-636-8736john.christiansen@anadarko.comorMatt Carmichael, 832-636-2845matt.carmichael@anadarko.comorINVESTORS:John Colglazier, 832-636-2306john.colglazier@anadarko.comorChris Campbell, CFA, 832-636-8434chris.campbell@anadarko.comorDean Hennings, This e-mail address is being protected from spambots. You need JavaScript enabled to view it.