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BP p.l.c. Message Board

  • wildcatteratsea wildcatteratsea Feb 1, 2008 6:23 AM Flag

    new oil discovery

    Wow, BP made a new oil discovery in the North Sea. I wonder how far the stock will drop.

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    • it's already dropping in pre-market - they obviously heard you!!

      the performance of BP (stock) is a major disappointment

    • It's in Block 31 of Angola offshore.


      Dow Jones Real-Time News for InvestorsSM
      04:46 a.m. 02/01/2008

      LONDON (Dow Jones)--Sociedade Nacional de Combustíveis de Angola (Sonangol EP) and BP Exploration (Angola) Friday announced the Portia oil discovery in ultra-deepwater Block 31, offshore Angola.

      Portia is the fifteenth discovery that BP has drilled in Block 31.

      The well is located 7 kilometres to the north of the Titania discovery and 10.5 km south west of the Plutao field.

      Portia was drilled in a water depth of 2,012 metres, some 386 km northwest of Luanda and reached a total depth of 5,678 metres TVD below sea level. This is the fourth discovery in Block 31 where the exploration well has been drilled through salt to access the oil bearing sandstone reservoir beneath.

      The well test results confirmed the capacity of the reservoir to flow in excess of 5,000 barrels per day under production conditions.

      Sonangol is the concessionaire of Block 31. BP Exploration (Angola) as Operator holds 26.67%t. The other interest owners in Block 31 are Esso Exploration and Production Angola (Block 31) (25%), Sonangol EP (20%), Statoil Angola A.S. (13.33%), Marathon International Petroleum Angola Block 31 (10%) and TEPA (BLOCK 31), (a subsidiary of the Total Group) with 5%.

32.565-1.055(-3.14%)12:53 PMEDT