Anadarko Reports Successful Appraisal Well Offshore Brazil
By Isabel Ordonez, Of DOW JONES NEWSWIRES
HOUSTON -(Dow Jones)- Anadarko Petroleum Corp. (APC) said Monday an
exploration well drilled offshore Brazil has encountered high-quality oil,
increasing the likelihood that the area will become the company's next major
project.
The independent oil and gas producer said the Wahoo Number 2 appraisal 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 announcement
sent shares in the Texas company up more than 3%.
"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," said Bob Daniels,
Anadarko's vice president for worldwide exploration.
Anadarko's shares were trading $1.52, or $2.5, higher to $62.81.
The Wahoo Number 2 well is located in block BM-C-30, five miles north from the
previously announced Wahoo discovery. Anadarko holds a 30% working interest and
is the block's operator. Devon Energy Corp. (DVN) holds a 25% interest, IBV
Brasil Petroleo Limitada, a subsidiary of Bharat PetroResources Ltd. and
Videocon Industries Ltd., holds a 25% interest and SK Energy Co. holds the
remaining 20%.
Anadarko said the company and its partners will continue to collect data on
the Wahoo Number 2. Also in the Campos Basin, Anadarko and partners are
currently drilling the Itaipu prospect in the adjacent BM-C-32 block. The
company said last week it would be interested in buying Devon's operating stake
in the BM-C-32 prospect, in which Anadarko already has a 33% interest.
-By Isabel Ordonez, Dow Jones Newswires; 713-547-9207; isabel.ordonez@
dowjones.com
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(END) Dow Jones Newswires
11-23-091209ET
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