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Hess Announces Ghana Drilling Results

Stocks in this article: HES

Hess Corporation (NYSE: HES) announced today it has completed drilling of its seventh consecutive successful exploratory well on the Deepwater Tano/Cape Three Points block offshore Ghana. The Pecan North-1 well, located approximately seven miles northeast of the Pecan-1 well, encountered approximately 40 feet of net oil pay in Turonian aged reservoir.

The results of the seven wells are as follows:

Well Name   Net Feet of Pay   Hydrocarbon Type   Water Depth
Paradise-1 415 Oil and gas condensate 6,040 feet
Hickory North-1 98 Gas condensate 6,455 feet
Beech-1 146 Oil 5,623 feet
Almond-1 53 Oil 7,251 feet
Pecan-1 245 Oil 8,245 feet
Cob-1 31 Oil 6,330 feet
Pecan North-1 40 Oil 7,411 feet

The wells were drilled by the Stena Drillmax drillship in a range of water depths between 5,623 and 8,245 feet. Hess achieved outstanding drilling performance in terms of drilling time and cost per foot with gross costs averaging $40 million per well for the last three wells, including success case logging.

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