Anadarko Announces Another Discovery Offshore West Africa.HOUSTON -- Anadarko Petroleum Corporation Anadarko Petroleum Corporation (NYSE: APC) is one of the world’s largest independent oil and gas exploration and production companies, with 2.37 billion barrels of oil equivalent (BOE) of proved reserves and a production of 190 million BOE in 2004. Ranked No. (NYSE NYSE See: New York Stock Exchange :APC (1) (American Power Conversion Corporation, West Kingston, RI, www.apcc.com) The leading manufacturer of UPS systems and surge suppressors, founded in 1981 by Rodger Dowdell, Neil Rasmussen and Emanual Landsman, three electronic power engineers who had worked at MIT. ) today announced its second oil discovery offshore the Republic of Ghana. The Hyedua-1 well is located on the Deepwater Tano license in approximately 5,020 feet of water, 3.3 miles southwest and down dip from the Mahogany-1 discovery well, which Anadarko announced in June 2007. The Hyedua-1 well was drilled to a total depth of approximately 13,130 feet and encountered approximately 130 feet of net pay in a Cretaceous sandstone reservoir. "The results of the Hyedua-1 well and our 2007 drilling program in the deep waters "Deep Waters" is a short story by P. G. Wodehouse, which first appeared in the United States in the March 25 1910 issue of Collier's Weekly, and in the United Kingdom in the June 1910 issue of the Strand. offshore Ghana are very encouraging," said Bob Daniels, Anadarko's Senior Vice President, Worldwide Exploration. "The two discoveries indicate the presence of a large structure that extends across the West Cape
Anadarko is the technical operator of the Hyedua-1 well with an 18-percent interest. Tullow Ghana Limited, an affiliate of Tullow Oil Tullow Oil plc (LSE: TLW) is a British-based oil exploration and production business headquartered in London. The Company was founded in 1985 in the Republic of Ireland. It is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index. plc, is the operator of the block with a 49.95-percent interest. Other partners include Kosmos Energy Ghana HC with an 18-percent interest, and Sabre Oil and Gas Limited with a 4.05-percent interest. The Ghana National Petroleum Corporation will be carried through the exploration and development phases with a 10-percent interest. The Hyedua-1 and Mahogany-1 wells were drilled using the "Belford Dolphin" deepwater drillship, which is under long-term contract to Anadarko. After the Hyedua-1 well is sidetracked to obtain additional core data, the drillship will move to the Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east to test additional prospects in Anadarko's 2007 exploration program. 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 2006, the company had 3.0 billion barrels-equivalent of proved reserves proved reserves The quantity of minerals expected to be recoverable under current economic and operating conditions. The amount of proved reserves is important in valuing the stock of a company with significant holdings in natural resources. , 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 our ability to successfully drill, complete and produce the wells described in this release. See "Risk Factors" in the company's 2006 Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and other public filings and press releases. Anadarko undertakes no obligation to publicly update or revise any forward-looking statements. |
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