SOURCE: Anadarko Petroleum Corporation

Anadarko Petroleum Corporation

June 07, 2012 02:00 ET

Anadarko Announces Light Oil Discovery Offshore Cote d'Ivoire

HOUSTON, TX--(Marketwire - Jun 7, 2012) - Anadarko Petroleum Corporation (NYSE: APC) today announced a light oil discovery at the Paon-1X exploration well offshore Côte d'Ivoire. The Paon-1X discovery well, located in the CI-103 block, encountered more than 100 net feet (31 meters) of oil pay (41 degrees API) in a Turonian-aged reservoir.

"The Paon well marks the first deepwater discovery in the CI-103 block offshore Côte d'Ivoire and opens up an entirely new play for the country and our partnership," Anadarko Sr. Vice President, Worldwide Exploration, Bob Daniels said. "This discovery confirms the Upper Cretaceous fan system present in Ghana extends westward into Côte d'Ivoire and provides significant running room within the CI-103 block. We are very encouraged by these results and look forward to appraising this discovery and testing a number of other identified prospects on our acreage."

The Paon-1X exploration well was drilled to a total depth of approximately 16,700 feet (5,090 meters), in water depths of approximately 7,195 feet (2,193 meters). The partnership plans to suspend the Paon-1X well for possible future use in appraisal and development operations.

Anadarko holds a 40-percent working interest in the CI-103 block. Additional partners include the operator, Tullow (45-percent working interest), and the Société Nationale d'Opérations Pétrolières de Côte d'Ivoire (Petroci) (15-percent working interest).

A map of Anadarko's position in the CI-103 block offshore Côte d'Ivoire and the Paon-1X discovery will be available under the "Media Center/Anadarko News" tab at

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, appraise, develop and commercially operate the drilling prospects identified in this news release. 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.