Anadarko Releases Initial Drilling Results From Marco Polo

abarrelfullabarrelfull wrote on 21 Apr 2014 05:42

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April 13 2000

Anadarko Petroleum Corporation (NYSE: APC) today announced initial results from the Marco Polo prospect, its first company-operated deepwater project in the Gulf of Mexico. The Green Canyon Block 608 No. 1 well encountered 320 feet of pay in two major intervals above salt. Formation tests recovered 30-degree API gravity oil. Additional delineation drilling will be conducted to determine commerciality.

Current depth is 13,225 feet. An additional 3,500 feet will be drilled to other zones above salt. Immediately following the deepening of the Green Canyon 608 No. 1 well, a sidetrack well will be drilled to further evaluate this discovery.

Using Transocean's Richardson semi-submersible rig, Anadarko was able to reach current depth 17 days after initial spud at a cost of approximately $7 million.

Anadarko owns a 100% working interest in the Marco Polo prospect, which is located 160 miles south of Houma, Louisiana, in 4,300 feet of water.

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