General News of Tue, 23 Aug 201145

More Oil Discovered

-- discovery increases resources potential key block offshore Ghana.

Anadarko Petroleum Corp. (APC) said Tuesday it has discovered light oil in a well offshore of Ghana, increasing the resource potential of an area in which the company has made other large discoveries.

Houston-based Anadarko's Akasa-1 exploration well encountered high-quality oil on the West Cape Three Points Block, similar to that found in the Jubilee and Mahogany East areas, the company said in a press release. Samples recovered from the Akasa-1 well indicated oil of approximately 38 degrees API gravity, the company said.

The discovery enhances "the resource potential of this prolific area," Anadarko Senior Vice President Bob Daniels said in prepared remarks. "After successful appraisal, we expect the Akasa discovery along with previous discoveries...to potentially anchor an additional development on the block," Daniels added.

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Anadarko's shares rose 1.42%, to $69.80 in after-hours trading.

The well was drilled to a total depth of approximately 12,850 feet (3,920 meters) in approximately 3,800 feet of water. The company plans to preserve the Akasa-1 discovery well for future use and plans further delineation in the area with appraisal activity at both Akasa and Teak prospect, where Anadarko recently discovered oil.

Anadarko has a 30.875% working interest in the West Cape Three Points Block. Other partners in the block include Kosmos Energy Ltd. (KOS), with 30.875%; Tullow Oil PLC (TLW.LN), which is the operator and has a 26.396% interest; Sabre Oil & Gas Holdings Ltd., with a 1.854% interest; and the Ghana National Petroleum Corporation, with 10% carried interest.

Source: Dow Jones

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