SOURCE: Anadarko Petroleum Corporation

Anadarko Petroleum Corporation

November 09, 2011 02:00 ET

Anadarko Announces Successful Pre-Salt Appraisal Well Offshore Brazil

Updates West Africa Activity

HOUSTON, TX--(Marketwire - Nov 9, 2011) - Anadarko Petroleum Corporation (NYSE: APC) today announced the successful Itaipu-2 pre-salt appraisal well, located in block BM-C-32 in the Campos Basin offshore Brazil. The well was drilled to total depth of approximately 16,000 feet (4,877 meters) in 4,660 feet (1,420 meters) of water, and encountered a gross petroleum column of approximately 58 net feet (18 meters) in a pre-salt carbonate reservoir.

"The pre-salt Itaipu-2 well is an aggressive step-out from the Itaipu discovery well, which is located 4 miles (7 kilometers) northwest," Anadarko Sr. Vice President, Worldwide Exploration, Bob Daniels said. "The Itaipu-2 well established a fluid contact and appears to have successfully extended the accumulation 120 meters downdip from the discovery. Accordingly, the appraisal well significantly increases the areal extent of the vast Itaipu field, and we believe incorporating the data from both the appraisal well and the original discovery well will increase our previous resource estimates for the field. We are very pleased with these results and look forward to continued activity on the block."

Anadarko, through a wholly owned subsidiary, holds a 33.3-percent working interest in BM-C-32. BP operates the block with a 40-percent working interest and Maersk Oil holds a 26.7-percent working interest.

Separately, Anadarko also is currently drilling an appraisal of its post-salt Itauna discovery on block BM-C-29, and plans to spud the Wahoo-4 pre-salt appraisal well on block BM-C-30 around the end of the year.

A map of block BM-C-32 and the successful Itaipu-2 pre-salt appraisal well will be available under the "Media Center/Anadarko News" tab at www.anadarko.com.

Liberia, Block LB-15

Offshore Liberia in block LB-15, the Montserrado exploration well was drilled to a total depth of approximately 17,720 feet (5,400 meters). The well encountered good-quality, water-bearing sands in the main objective and 27 net feet (8 meters) of pay in a secondary objective. The well was plugged and abandoned, and the results are being incorporated into the company's geologic data for future exploration in the Liberian Basin. The drillship is being mobilized to Sierra Leone to top set the Mercury-2 appraisal well on block SL-07B-11. It will then move to drill the Jupiter exploration prospect on the same block.

Anadarko Liberia Company is the operator of block LB-15 and holds a 47.5-percent working interest. Co-owners in the block include Repsol Exploracion S.A. (27.5-percent working interest) and Tullow Liberia B.V. (25-percent working 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 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, develop and operate the drilling prospects identified in this news release. 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.

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