ConocoPhillips Announces Second Oil Discovery in Deepwater Gulf of Mexico

25.03.2013  |  Business Wire

ConocoPhillips (NYSE: COP) today announced another oil discovery in the
deepwater Gulf of Mexico. The WR98-1 Coronado wildcat exploration well
encountered more than 400 feet of net pay. On March 19, 2013,
ConocoPhillips announced an oil discovery at the nearby WR51-2
Shenandoah appraisal well that encountered more than 1,000 feet of net
pay in high-quality Lower Tertiary-aged reservoirs. ConocoPhillips holds
a 30 percent working interest in Shenandoah.

The Coronado well, located in Walker Ridge Block 98, was drilled to a
total depth of 31,866 feet, in 6,127 feet of water. The well is located
approximately 190 miles off the coast of Louisiana and approximately 12
miles southeast of the Shenandoah discovery. Results from the Coronado
well are still being evaluated, and additional appraisal will be needed
to determine the full extent of the resource. ConocoPhillips holds a 35
percent working interest in Coronado. Other co-owners are Chevron
Corporation (NYSE: CVX), 40 percent working interest and operator; a
subsidiary of Anadarko Petroleum Corporation (NYSE: APC), 15 percent;
and Venari Offshore LLC, 10 percent.

'The Coronado discovery adds to our exploration success in the prolific
Lower Tertiary Trend,' said Larry Archibald, senior vice president,
Exploration. 'The exciting results from the Coronado and Shenandoah
discoveries confirm the value of our portfolio in the Gulf of Mexico and
provide visibility on our future plans to grow through organic
exploration.'

ConocoPhillips is one of the largest leaseholders in the deepwater Gulf
of Mexico with approximately two million net acres. In 2013, the company
plans to drill between five and eight wells, including the Ardennes
prospect, which spud earlier this quarter, and the Thorn well, scheduled
to spud in the second quarter of 2013.

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About ConocoPhillips

ConocoPhillips is the world′s largest independent E&P company based on
production and proved reserves. Headquartered in Houston, Texas,
ConocoPhillips had operations and activities in 30 countries, $58
billion in annual revenue, $117 billion of total assets and
approximately 16,900 employees as of Dec. 31, 2012. Production from
continuing operations averaged 1,527 MBOED in 2012, and proved reserves
were 8.6 billion BOE as of Dec. 31, 2012. For more information, go to www.conocophillips.com.

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