Murphy Oil Corp. (
) is up 0.2% after releasing results of its recent drilling
offshore Republic of the Congo in the Mer Profonde Nord (MPN)
permit and entry into a new block offshore Australia.
The company reports that its Opale Marine - 1 well in the MPN
Block was unsuccessful and has been plugged and abandoned. The
total net cost of the well is estimated at $48 million and will be
expensed in Q4 2012. As a result of the Opale Marine - 1 well
outcome, MUR will also take a noncash charge of $29 million in the
quarter to write off the Titane Marine - 1 well which was drilled
in October 2010 and had been suspended pending results of
additional exploratory drilling on the block.
In another exploration focus area, MUR has expanded its position
in the Browse Basin offshore Australia by picking up a 20% working
interest in Block WA-408-P where drilling is expected to begin in
December this year. This gas-prospective block directly offsets
Block AC/P 36, in which Murphy holds a 50% working interest.
MUR is trading at $57.77 in a 52-week range of $43.29 - $65.60.
Shares have increased 11% in the last 12 months.