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TheStreet Open House

ConocoPhillips Announces Significant Oil Discovery In Deepwater Gulf Of Mexico And Provides Program Update

ConocoPhillips (NYSE: COP) today announced a significant oil discovery from its recently drilled Shenandoah appraisal in the deepwater Gulf of Mexico. The WR51-2 Shenandoah appraisal well encountered more than 1,000 feet of net pay in high-quality Lower Tertiary-aged reservoirs.

“The potential of the Shenandoah discovery, combined with very positive indicators of hydrocarbons in the nearby Coronado well, further strengthens our position in the Lower Tertiary Play,” said Larry Archibald, senior vice president, Exploration. “We believe this discovery could be material and, together with the doubling of our deepwater Gulf of Mexico acreage position in the last two years, reinforces our global exploration strategy of getting into the right plays early in their life-cycle. Today’s announcement is an important first step in demonstrating our ability to grow a high-value Gulf of Mexico portfolio through organic exploration.”

The Shenandoah appraisal well, located in Walker Ridge Block 51, was drilled to a total depth of 31,405 feet in approximately 5,800 feet of water. The well was about one mile southwest and approximately 1,700 feet structurally down-dip from the 2009 Shenandoah-1 discovery well. Log and pressure data collected in the Shenandoah-2 well indicate high-quality reservoir and fluid properties similar to those encountered in the discovery well. Logs indicate that the targeted Lower Tertiary sands were full to base with hydrocarbons and there was no evidence of an oil-water contact. ConocoPhillips holds a 30 percent working interest in Shenandoah. Other co-owners are Anadarko Petroleum Corporation (NYSE: APC), 30 percent working interest and operator; Cobalt International Energy, L.P. (NYSE: CIE), 20 percent; Marathon Oil Company (NYSE: MRO), 10 percent; and Venari Offshore LLC, 10 percent.

The Coronado wildcat exploration well, located in Walker Ridge Block 98, was drilled to a total depth of 31,866 feet, in 6,127 feet of water. The well is located approximately 190 miles off the coast of Louisiana and approximately 12 miles southeast of the Shenandoah discovery. Results from the Coronado well are still being evaluated, and additional appraisal will be needed to determine the full extent of the resource. ConocoPhillips holds a 35 percent working interest in Coronado. Other co-owners are Chevron Corporation (NYSE: CVX), 40 percent working interest and operator; Anadarko Petroleum Corporation, 15 percent; and Venari Offshore LLC, 10 percent.

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