HOUSTON, Sept. 16, 2009 - Anadarko Petroleum Corporation (NYSE: APC) today announced a deepwater discovery at the Venus exploration well in block SL 6/07 offshore Sierra Leone. The Venus B-1 well was drilled to a total depth of approximately 18,500 feet in about 5,900 feet of water and encountered more than 45 net feet of hydrocarbon pay. Venus is the first deepwater test in the Sierra Leone-Liberian Basin.
"The Venus discovery confirms the existence of an active petroleum system in the basin and enhances the prospectivity of our vast West Africa acreage position," said Bob Daniels, Anadarko Sr. Vice President, Worldwide Exploration. "With Jubilee on the east and Venus on the west, we have established bookends spanning approximately 1,100 kilometers (700 miles) across two of the most exciting and highly prospective basins in the world. Anadarko and our partners are evaluating the initial results of the well and the forward plan for the prospect, and anticipate additional drilling in the area. We are optimistic that the continued success of our West African Cretaceous program will create substantial value for our stakeholders as well as the people of West Africa through continued investment and increased activity. Anadarko plans to drill two to five wells in the trend next year."
The Venus prospect is one of Anadarko's more than 30 identified prospects and leads on its West Africa acreage position, which includes interests in almost 8 million acres across 10 blocks offshore Sierra Leone, Liberia, Côte d'Ivoire and Ghana. Anadarko operates seven of the blocks and the majority of the identified prospects with an average working interest of approximately 40 percent.
The company plans to continue its West Africa drilling operations in the Cretaceous Trend by drilling the South Grand Lahou exploration well in block CI 105 offshore Cote d'Ivoire once activities are completed at the Venus discovery well.
Anadarko operates the Venus well with a 40-percent working interest. Co-owners in the discovery include Woodside (25-percent working interest), Repsol (25-percent working interest) and Tullow (10-percent working interest).
Anadarko plan to host a conference call today at 7:30 a.m. CDT, 8:30 a.m. EDT
Anadarko will host a conference call today, Sept. 16, 2009 at 7:30 a.m. Central Daylight Time (8:30 a.m. Eastern Daylight Time) to discuss the results of the Venus well and its ongoing West Africa exploration program. The dial-in number is 888.679.8040 in the United States or 617.213.4851 internationally. The confirmation number is 90952793. For complete instructions on how to listen to the conference call or live audio webcast, please visit www.anadarko.com. A replay of the call will also be available on the Web site for approximately 30 days following the conference call.