HOUSTON - (Business Wire) Anadarko Petroleum Corporation (NYSE:APC) today announced the Wahoo #2 (also called Wahoo North) appraisal/exploration well in the Campos Basin has encountered more than 90 feet of high-quality net oil pay in the same pre-salt interval as the original Wahoo discovery. The Wahoo #2 appraisal/exploration well is located in block BM-C-30, five miles north and down-dip from the previously announced Wahoo discovery that encountered more than 195 feet of net pay. “The Wahoo North well is confirming all of its objectives, and the early results from the cores and wireline logs in the appraisal section of the well indicate high-quality resources and reservoir rock,” Anadarko Sr. Vice President, Worldwide Exploration Bob Daniels said. “We have approximately 2,000 feet left to drill before we reach TD (total depth) to test a secondary exploration objective; nonetheless, our activities so far have confirmed the main pay section in the original Wahoo discovery extends at least five miles to the north, and the hydrocarbon accumulation has been extended further down the structure. We believe the results to date increase the potential resources in the prospect area, and from what we’ve seen so far, Wahoo has the characteristics necessary to potentially become our next mega project.”
Anadarko and its partners are continuing to collect data on the Wahoo #2 well and expect to provide an update regarding the field’s estimated resources after reaching TD and incorporating the data. Following the completion of drilling operations at Wahoo #2, Anadarko plans to move the drillship to the original Wahoo discovery well to conduct drillstem testing (DST), and then back to the Wahoo #2 well to conduct another DST in 2010.
The company’s drilling success on the block continues to de-risk additional prospects, and Anadarko plans to maintain an active pre-salt drilling schedule with up to two exploration/appraisal wells on BM-C-30 in 2010.
Anadarko, through a wholly owned subsidiary, holds a 30-percent working interest and is the operator of BM-C-30. Devon Energy Corp. holds a 25-percent working interest, IBV Brasil Petróleo Limitada, a wholly owned subsidiary of Bharat PetroResources Limited and Videocon Industries, holds a 25-percent working interest and SK Energy Co., Ltd. holds the remaining 20-percent working interest.
Also in the Campos Basin, Anadarko and partners are currently drilling the Itaipu prospect in the adjacent BM-C-32 block. The Itaipu well will test a pre-salt geologic feature similar to the adjacent Jubarte field, which is estimated to hold up to 2 billion barrels of recoverable oil. Anadarko holds a 33-percent working interest in Itaipu.
A map of the Wahoo discovery and Wahoo #2 well on block BM-C-30 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 2008, the company had approximately 2.3 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 2008 Annual Report on Form 10-K and other public filings and press releases. Anadarko undertakes no obligation to publicly update or revise any forward-looking statements.
Cautionary Note to U.S. Investors: The United States Securities and Exchange Commission (“SEC”) permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. Anadarko uses certain terms in this news release, such as “resource,” “recoverable oil” and similar terms that the SEC’s guidelines strictly prohibit Anadarko from including in filings with the SEC. U.S. Investors are urged to consider closely the disclosure in Anadarko’s Form 10-K for the year ended Dec. 31, 2008, File No. 001-08968, available from Anadarko at www.anadarko.com or by writing Anadarko at: Anadarko Petroleum Corporation, 1201 Lake Robbins Drive, The Woodlands, Texas 77380, Attn: Investor Relations. You can also obtain this form from the SEC by calling 1-800-SEC-0330.
Anadarko Petroleum Corporation
Media:
John Christiansen, 832-636-8736
john.christiansen@anadarko.com
Matt Carmichael, 832-636-2845
matt.carmichael@anadarko.com
Investors:
John Colglazier, 832-636-2306
john.colglazier@anadarko.com
Chris Campbell, CFA, 832-636-8434
chris.campbell@anadarko.com
Dean Hennings, 832-636-2462
dean.hennings@anadarko.com
