Wednesday, September 15, 2010

Anadarko (NYSE:APC) Reports Solid Potential at Owo-1 in Ghana

Anadarko Petroleum Corporation (NYSE:APC) reported results at their Owo-1 sidetrack well off the coast of Ghana.

Another 115 net feet of oil has been discovered by the company at the site, which includes high-quality oil measured at 52 net feet at the Owo-1 sidetrack well.

Concerning natural gas, about 43 feet of condensate and 20 net feet was discovered in the deeper sections of sandstone.

The overall gross oil column is 655 feet, with the net feet of high-quality oil of over 225 net feet.

Over the next five years, Anadarko said they have a proven reserve goal of above 3 billion barrels of oil equivalent (BBOE).

For 2010, they want to dig as close to they can to 30 deepwater appraisal and exploration wells.

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