SOURCE: Anadarko Petroleum Corporation

Anadarko Petroleum Corporation

February 10, 2011 01:59 ET

Anadarko Announces Discovery Offshore Ghana

HOUSTON, TX--(Marketwire - February 10, 2011) - Anadarko Petroleum Corporation (NYSE: APC) today announced a discovery at the Teak-1 exploration well in the West Cape Three Points Block offshore Ghana, where Anadarko owns a 30.875-percent working interest. The Teak-1 well encountered a total of approximately 240 net feet of oil, condensate and natural gas pay in five separate Campanian and Turonian-age reservoirs. More specifically, the well encountered approximately 70 net feet of oil pay and almost 108 net feet of natural gas pay in the Campanian, and about 46 net feet of gas condensate pay and 16 net feet of oil pay in the Turonian reservoirs of a similar age to the Jubilee field. Oil samples recovered from the Teak-1 well indicate oil of approximately 40 degrees API gravity in the Campanian reservoirs and 32 degrees in the Turonian reservoirs.

"The discovery of high-quality oil in new Campanian-age reservoirs, along with another Turonian accumulation, is a great way to start our multi-well exploration program in the West Cape Three Points Block," said Bob Daniels, Anadarko Sr. Vice President, Worldwide Exploration. "The combination structural and stratigraphic trap is up dip and separate from the Jubilee field, and potentially covers a large areal extent. Both the Campanian and deeper Turonian zones will be evaluated with additional appraisal activity. The partnership plans to immediately drill the Teak-2 well, which will test the Campanian and Turonian-age reservoirs in a separate fault block between the Teak-1 discovery and the Jubilee field."

The Teak-1 discovery well, which is located more than two miles northeast of the Mahogany-2 well, was drilled to a total depth of approximately 10,400 feet in water depths of approximately 2,850 feet. The partnership plans to suspend the well for future use and mobilize the rig to drill the Teak-2 prospect.

Anadarko owns a 30.875-percent working interest in the West Cape Three Points Block, which is operated by Kosmos Energy also with a 30.875-percent working interest. Other co-owners in the block include Tullow Oil plc (22.896-percent working interest), the E.O. Group (3.5-percent working interest), Sabre Oil & Gas Holdings Ltd (1.854-percent working interest) and the Ghana National Petroleum Corporation (10-percent carried interest).

A map of the Teak-1 discovery, as well as Anadarko's position in the West Cape Three Points Block and adjacent Deepwater Tano Block 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 2010, the company had approximately 2.42 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 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 Sept. 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.

Contact Information