SOURCE: Anadarko Petroleum Corporation

Anadarko Petroleum Corporation

July 18, 2012 02:00 ET

Anadarko Announces Discovery Offshore Ghana

HOUSTON, TX--(Marketwire - Jul 18, 2012) - Anadarko Petroleum Corporation (NYSE: APC) today announced the Wawa-1 exploration well, located in the Deepwater Tano Block offshore the Republic of Ghana, discovered approximately 43 net feet (13 meters) of oil pay and 65 net feet (20 meters) of gas-condensate pay in Turonian-aged reservoirs. Samples from the well show the oil is of good quality, between 38 and 44 degrees API, and pressure data indicate the Wawa discovery is a separate and distinct accumulation from the adjacent TEN (Tweneboa, Enyenra and Ntomme) complex.

"The Wawa discovery extends the presence of hydrocarbon-bearing formations more than 6 miles (10 kilometers) to the north of the Enyenra-3A well," said Anadarko Sr. Vice President, International and Deepwater Exploration, Bob Daniels. "The discovery enhances the value of the TEN complex, which is advancing toward submission of a plan of development. The partnership plans further exploration of the Deepwater Tano Block with additional wells scheduled at our Okure and Sapele prospects later this year."

The Wawa-1 exploration well is located in approximately 1,926 feet (587 meters) of water. The well was drilled to a total depth of approximately 10,899 feet (3,322 meters). Once operations are complete, the well will be suspended for possible future use in appraisal and development operations.

Anadarko has an 18-percent working interest in the Deepwater Tano Block. Partners in the block include Tullow Oil plc (49.95-percent working interest and operator), Kosmos Energy (18-percent working interest), Sabre Oil & Gas Holdings Ltd (4.05-percent working interest) and the Ghana National Petroleum Corporation (10-percent carried interest).

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 2011, the company had approximately 2.54 billion barrels-equivalent of proved reserves, making it one of the world's largest independent exploration and production companies. For more information about Anadarko and APC Flash Feed updates, please visit

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 drill, develop and commercially operate the drilling prospects identified in this news release and to successfully submit a plan of development for the TEN complex. See "Risk Factors" in the company's 2011 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other public filings and press releases. Anadarko undertakes no obligation to publicly update or revise any forward-looking statements.