Anadarko Petroleum Hits More Oil Offshore Ghana

In a move that brings the company closer to its long-term exploration goals in the region, Anadarko Petroleum (NYSE:APC) has discovered more oil in the West Cape Three Points Block off the coast of Ghana.

Drilled to a total depth of 11,185 feet in water depths of 2,900 feet, The Teak-2 exploration well encountered roughly 90 net feet of high-quality oil, condensate and natural gas pay in stacked Campanian- and Turonian-age reservoirs.

After preserving the well for future use, the company and its partners in Ghana intend to mobilize the rig to drill the Banda prospect, located in the same area.

Anadarko owns just over a 30.8% working interest in the West Cape, which is operated by Kosmos Energy. Other co-owners include Tullow Oil, E.O. Group, Sabre Oil & Gas and the Ghana National Petroleum Corp.

The discovery, according to Anadarko senior vice president of worldwide exploration, Bob Daniels, confirms the company's geologic model. It “adds to the substantial resource potential of the area and extends the success” of its multi-well exploration program on the West Cape, he said.

In addition to its latest discovery, the company has finalized plans for its previously announced 2011 drilling campaign in the Liberian Basin off the West African coast. Anadarko will mobilize a drillship from the Gulf of Mexico to West Africa after it finishes its current activities.

The project will mark the company's first Mercury appraisal, located some seven miles west of the Mercury discovery well offshore Sierra Leone.