Anadarko Announces Successful Owo-1 Sidetrack

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    Anadarko Petroleum Corporation (NYSE: APC) today announced that the Owo-1 sidetrack well offshore Ghana encountered an additional 115 net feet of pay, which includes 52 net feet of high-quality oil pay that appears to be in pressure communication with the Owo-1 discovery well. Collectively, the Owo-1 discovery well and the Owo-1 sidetrack well have encountered more than 225 net feet of high-quality oil pay and a gross oil column of more than 655 feet.

    “The Owo-1 sidetrack results confirm the existence of a very significant oil accumulation that we are eager to further appraise in coming months,” Anadarko Sr. Vice President, Worldwide Exploration Bob Daniels said. “The Owo field offers another promising oil development project for the partnership and for the Republic of Ghana and continues to highlight the prospectivity of our large acreage position in the West African Cretaceous Trend. As part of our active exploration and appraisal drilling program across our more than 7 million gross acres in the trend, we are mobilizing the Deepwater Millennium drillship from Brazil and expect to spud our second exploration well offshore Sierra Leone in the third quarter.”

    The Owo-1 sidetrack, located approximately 2,000 feet to the east of the Owo-1 discovery well, was drilled to a total depth of approximately 13,120 feet in water depths of approximately 4,685 feet in the Deepwater Tano Block. In addition to the oil pay mentioned above, the well also encountered an additional 43 net feet of condensate pay and 20 net feet of natural gas pay in a deeper sandstone section beneath the primary objective. Once operations are complete, the partnership plans to mobilize the rig to drill the Onyina-1 exploration well, a large Campanian prospect located between the Tweneboa and Jubilee fields.

    Anadarko holds an 18-percent working interest in the Deepwater Tano Block. Tullow Oil is the operator with a 49.95-percent working interest, and the other co-owners in the discovery are Kosmos Energy (18-percent working interest), Sabre Oil & Gas (4.05-percent working interest) and the Ghana National Petroleum Corporation (10-percent carried interest).

    A map of the Owo area in the Deepwater Tano Block and the partnership’s successful drilling activity offshore Ghana will be available under the “Media Center/Anadarko News” tab at www.anadarko.com.

    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. For more information about Anadarko, please visit www.anadarko.com.

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