U.S. oil major
) has completed the drilling of exploration well - Proteus - 1 -
using the Transocean Legend (mid-water semisubmersible). This
well is part of the company's ongoing drilling campaign.
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ConocoPhillips, the operator of the well, jointly operates the WA
- 398 - P permit in Browse Basin in which Proteus-1 is situated.
This is the third well to be drilled in the exploration program.
Proteus-1 rests on a large tilted fault block about 8.7 miles (14
kilometers) south east of the Poseidon-1 discovery well. The
other permits in Browse Basin, namely, WA - 314 - P, WA - 315 - P
that ConocoPhillips operates holds the Greater Poseidon gas
discoveries made earlier.
ConocoPhillips, the operator of the exploration program, intends
to use the semisubmersible - Transocean Legend - for the entire
campaign estimated to continue throughout 2013. Karoon Gas
Australia Ltd has a stake of 40% in permit WA - 315 - P and W -
398 - P, and 90% interest in permit WA - 314 - P.
During the exploration program, a minimum of five wells will be
drilled. The main goal of the exploration program is to identify
the size and quality of hydrocarbon accretion inside the
exploration permits. Other wells to be drilled during the
exploration program will be announced as these require joint
Last month, ConocoPhillips announced a significant oil find in
the deepwater Gulf of Mexico (GoM). The WR98-1 Coronado wildcat
exploration well - in Walker Ridge Block 98 - was drilled to a
total depth of 31,866 feet, in 6,127 feet of water.
ConocoPhillips' exploration initiatives toward liquids-rich plays
are gaining momentum through the Eagle Ford, Bakken and North
Barnett shale plays. The company is speeding up its drilling
activities in the North American onshore liquids-rich plays and
expects the combined yield from these plays to reach more than
200 thousand barrels of oil equivalent per day.
ConocoPhillips holds a Zacks Rank #3, which is equivalent to a
short-term Hold rating. However, there are other stocks in the
sector that appear rewarding. Among these,
Stone Energy Corporation
Range Resources Corporation
EPL Oil & Gas, Inc.
), are expected to perform impressively over the next few months,
and carry a Zacks Rank #1 (Strong Buy).