Anadarko Announces Gulf of Mexico Deepwater Subsalt Appraisal At K2 Prospect

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Sep 3, 2002

Anadarko Petroleum Corporation (NYSE:APC) and its partners today announced a Gulf of Mexico deepwater subsalt discovery appraisal well at K2 on Green Canyon Block 562, about 180 miles south of New Orleans.

The K2 No. 2 well was spudded by Agip Petroleum Company in April 2002 in about 3,900 feet of water. It encountered a total of 339 feet of oil pay in three sands in an untested fault block and reached target depth of 25,700 feet. The well results from this discovery extend the limit of proven oil both laterally and downdip on the K2 structure.

The partner companies are planning additional appraisal drilling on the K2 field for 2003. They are evaluating development plans for K2 and considering options - including a separate structure or a tie-back to the Marco Polo hub. Initial results from the well indicate that commercial development is likely with first production as early as 2004.

Previously, in May 1999, a No. 1 well and sidetrack had been drilled on the same block, about 4,000 feet away. The well encountered only one zone with about 60 feet of net pay. The latest discovery, the No. 2 well, has found 134 feet in the same interval, plus two new zones, which total 339 feet of pay.

"Anadarko's strategy to chase the subsalt play in deepwater was the right move for stockholders," said John Seitz, Anadarko president and chief executive officer. "Our first deepwater discovery at Marco Polo is being developed, and we have several other deepwater prospects that will be drilled as we evaluate our deepwater subsalt exploration inventory."

The K2 discovery is within 6 miles of the Marco Polo field - a discovery located at Green Canyon Block 608, which was announced by Anadarko in 2000.

Anadarko holds a 52.5 percent working interest in the project; other partners include AGIP (operator - 18.2 percent), Conoco (16.8 percent) and Unocal (12.5 percent).

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