Murphy Oil Corporation
) subsidiary Murphy Australia WA-408-P Oil Pty Ltd. has made a
gas discovery in offshore Western Australia's Browse Basin. The
non-operated Bassett West-1 well has encountered more than 20
feet (6.1 meter) of net gas condensate pay.
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The Browse Basin is located in the offshore of northwest margin
of the Australian mainland in water depths of 65.6 feet (20
meter) to over 6561.7 feet (2000 meter). This basin occupies an
area of roughly 185,000 square kilometer, and covers primarily
the outer Scott Plateau of 80,000 square kilometer, the central
Browse Basin and adjacent terraces of 80,000 square kilometer and
the Yampi Shelf of 25,000 square kilometer.
Murphy Oil operates the WA-408-P block jointly with two other
companies and has a working interest of 20%. The working
interests of the other co-owners are
) unit Total E&P Australia (50%) and Santos (30%).
As initial finding in the Browse Basin is not encouraging, the
group of companies will again drill another well named Dufresne-1
to ensure whether the reserves have any commercial significance
As of Mar 31, 2013, Murphy Oil's cash balance was $1.1 billion
and net cash provided by operating activities during the first
three months of 2013 was $0.9 billion. Strong financial position
enables the company to invest $4.3 billion in 2013 for several
Murphy Oil currently has a Zacks Rank #3 (Hold). The other stocks
in the sector that are worth considering include
Abraxas Petroleum Corp.
) with a Zacks Rank #1 (Strong Buy) and
Anadarko Petroleum Corp.
) with a Zacks Rank #2 (Buy).
El Dorado, AR-based Murphy Oil is a global oil and gas
exploration and production company with refining and marketing
operations in the U.S. and the UK.