Anadarko Provides Deepwater Update

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Mar 22, 2010

Anadarko Petroleum Corporation (NYSE:APC) today provided an update on its successful deepwater drilling activity in the Gulf of Mexico and Mozambique. The company announced the Shell-operated Vito appraisal well in the Gulf of Mexico encountered more than 600 net feet of high-quality oil pay in thick subsalt Miocene sands. This sidetrack appraisal well, which is located in Mississippi Canyon block 940, is more than one mile from the 2009 Vito discovery well. Anadarko holds a 20-percent working interest in the block and was the initial operator of the Vito discovery. Shell Offshore Inc., operator, holds a 55-percent working interest, and Statoil USA E&P Inc. holds the remaining 25-percent working interest.

"Our Gulf of Mexico appraisal program is off to a great start in 2010 with the successful Lucius and Vito appraisal wells each finding more than 600 net feet of oil pay," said Bob Daniels, Anadarko Sr. Vice President, Worldwide Exploration. "The successful Vito appraisal well is an important step in confirming our geologic models of the area and transitioning this field from exploration to a potential stand-alone development. With more than a mile separating the appraisal location and the discovery well, the initial results of the Vito appraisal well substantiate the field's large areal extent and thick, high-quality reservoirs."

The Vito appraisal well has been drilled to a total depth of approximately 31,000 feet in approximately 4,050 feet of water. Another sidetrack appraisal well is planned for 2010 to further delineate the discovery.

Also in the Gulf of Mexico, Anadarko announced that it was the apparent high bidder on 48 deepwater tracts in the Central Gulf of Mexico Lease Sale 213. Bidding alone and with partners, the company was successful on 48 of 53 total bids, representing expenditures of approximately $128 million net to Anadarko. The bids are subject to approval by the U.S. Department of the Interior's Minerals Management Service.

Anadarko's winning bids were primarily focused on high-impact targets that can be drilled in the near- to mid-term in the Miocene and Pliocene plays, several of which are considered to be on trend with the company's recent Lucius and Vito discoveries and subsequent successful appraisal wells.

Anadarko is the largest independent leaseholder in the deepwater Gulf of Mexico. With the addition of these new blocks, Anadarko will have access to 618 blocks covering approximately 3.5 million gross acres. During 2010, the company plans to drill four to six exploration wells and three to four appraisal wells in the deepwater Gulf of Mexico.

In deepwater Mozambique, Anadarko reached total depth of approximately 16,930 feet in the Windjammer discovery well and encountered an additional 76 net feet of natural gas pay. The additional pay intersected in the deeper objective brings the total net feet of natural gas pay in Windjammer to more than 555 feet. Windjammer is located about 30 miles east of the Mozambique coastline in approximately 4,800 feet of water. Anadarko next plans to move the Belford Dolphin drillship approximately 50 miles south-southeast to drill the company's Collier prospect.

Anadarko is the operator with an approximate 43-percent paying interest in Windjammer. Co-owners in the well are BPRL Ventures Mozambique B.V. (11.75 percent), Cove Energy Mozambique Rovuma Offshore, Ltd. (10 percent), Mitsui E&P Mozambique Area 1, Limited (23.5 percent) and Videocon Mozambique Rovuma 1 Limited (11.75 percent). Empresa Nacional de Hidrocarbonetos, ep's 15-percent interest is being carried through the exploration phase.

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