COPHas A Second Major Oil Find in GOM ?????????????
Or is this the same find announced on 20 March?
APC, COP Chevron announces oil discovery in deepwater U.S. Gulf of Mexico
Chevron Corporation (CVX) has announced an oil discovery at the Coronado prospect in the deepwater U.S. Gulf of Mexico. The Walker Ridge Block 98 Well No. 1 encountered more than 400 feet of net pay. The well is located approximately 190 miles off the Louisiana coast in 6,127 feet of water and was drilled to a depth of 31,866 feet. The well results are still being evaluated, and additional work is needed to determine the extent of the resource. Chevron, with a 40 percent working interest in the prospect, is the operator of the Coronado discovery well. Other owners are ConocoPhillips (COP) with 35%, a subsidiary of Anadarko Petroleum Corporation (APC) with 15% and Venari Offshore LLC with 10%.
the first find had 1000 ft pay zone and this one had 400 pay zone both big finds, it will take over a year to get them productive and to market, the pps will gradually increase with oil reserves going up substantially, they also should have at least 4 or more that they are drilling that should be reported in the next 4 months in the GOM if memory serves me right. The GOM has a huge oil deposit, this was what made me so happy about their leases, when BP blew their well and how much was spilled in the time it was leaking you knew how much oil was their and now we will participate greatly. COP will continue to generate huge profits for holders, it is now a 2 bagger for me (counting the PSX spinoff and dividends) in 3 yrs and I don't expect it to slow down.
The discoveries sure aren't affecting COP's pps in a positive manner today, but that doesn't matter. COP, with it's hefty dividend, is a long term play/goldmine. When the oil is actually brought up, out of the ocean depths, and hits the market is the time when COP's profits/pps will surge along with dividend payouts. Be patient and play the long game with COP.