Anadarko Announces Brazil Post-Salt Discovery

Anadarko Petroleum Corporation  today announced interim results at the Itauna #1 well in block BM-C-29 offshore Brazil. To date, the well has encountered in excess of 275 net feet of oil and natural gas pay in two separate post-salt zones on which show reports were filed with the Agencia Nacional do Petroleo, Gas Natural e Biocombustiveis (ANP).

“We are pleased that our first well on block BM-C-29 is a substantial discovery in the post-salt section,” Anadarko Sr. Vice President, Worldwide Exploration Bob Daniels said. “The already significant post-salt pay count could increase when we perform a bypass to obtain additional information that should address the unconsolidated formations in the existing hole. We are drilling ahead to test two targeted pre-salt objectives and expect to complete activities in the well by the end of the year.”

The Itauna #1 well, which is located in approximately 250 feet of water, has been drilled to a current depth of approximately 15,250 feet with a planned total depth of nearly 18,000 feet. Following activities on this well, the rig will go to work for another operator, and then is expected to return to Anadarko in 2011 to conduct appraisal activity on the block. Anadarko operates block BM-C-29 with a 50-percent working interest. Ecopetrol is the co-owner in the block with a 50-percent working interest.

Anadarko Petroleum Corporation’s mission is to deliver a competitive and sustainable rate of return to shareholders by exploring for, acquiring and developing oil and natural gas resources vital to the world’s health and welfare. As of year-end 2009, the company had approximately 2.3 billion barrels-equivalent of proved reserves, making it one of the world’s largest independent exploration and production companies.

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Source:Anadarko , November 22, 2010;