SOURCE: Anadarko Petroleum Corporation

Anadarko Petroleum Corporation

January 18, 2012 02:00 ET

Anadarko Announces Successful Appraisal Well Offshore Ghana

Ntomme-2A Well Encounters Light Oil

HOUSTON, TX--(Marketwire - Jan 18, 2012) - Anadarko Petroleum Corporation (NYSE: APC) today announced the Ntomme-2A appraisal well, located in the Deepwater Tano Block offshore the Republic of Ghana, encountered approximately 128 net feet (39 meters) of light oil pay in excellent-quality sandstone reservoirs. Fluid samples recovered from the Ntomme-2A well indicate oil of approximately 35 degrees API gravity.

"Finding a significant light oil accumulation is an excellent result that enhances the value of the Greater Tweneboa, Enyenra and Ntomme (TEN) complex, as we now estimate oil makes up the majority of the resource in place," said Anadarko Sr. Vice President, Worldwide Exploration, Bob Daniels. "Our 3D seismic modeling, coupled with the pressure data collected from the Ntomme-2A and Tweneboa-3 sidetrack wells, indicates the potential for an oil column of more than 400 feet below the gas-condensate accumulation encountered in the Tweneboa-3 sidetrack well. The partnership plans to incorporate this new information into its ongoing program as we advance the development of the TEN complex."

The Ntomme-2A well is located approximately 2.8 miles south of the Tweneboa-3 sidetrack, in approximately 5,675 feet (1,730 meters) of water. The well was drilled to a depth of approximately 12,810 feet (3,905 meters). Once operations are complete, the partnership plans to install gauges in the Tweneboa-3 sidetrack prior to a planned drillstem test at Ntomme-2A.

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 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

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 (or its partners') ability to successfully drill the prospects identified in this release and, as appropriate, construct and operate any related production facilities. See "Risk Factors" in the company's 2010 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.