Anadarko, PXP and XOM are in this discovery. don
- Anadarko Petroleum Corporation (NYSE: APC) today announced its Phobos-1 well in the deepwater Gulf of Mexico encountered approximately 250 net feet of high-quality oil pay in Lower Tertiary-aged reservoirs.
"Our 2013 Gulf of Mexico exploration program is off to an outstanding start, as Phobos marks our third significant deepwater success this year," Anadarko Sr. Vice President International and Deepwater Exploration Bob Daniels said. "Phobos is our first well in the previously untested Sigsbee Escarpment area of the Gulf of Mexico and successfully tested a significant four-way structure in the Lower Tertiary. Phobos' close proximity to our Lucius project is expected to further enhance the economics of this potential future development."
The Phobos discovery, located in Sigsbee Escarpment block 39, was drilled to a total depth of 28,675 feet in approximately 8,500 feet of water, approximately 11 miles south of Anadarko's Lucius discovery, which is under development. Anadarko currently is incorporating the data from the Phobos well to determine future activities.
Anadarko is the operator of the Phobos discovery with a 30-percent working interest. Other co-owners in Phobos are Plains Exploration & Production Company (NYSE: PXP) with a 50-percent working interest and Exxon Mobil Corporation (NYSE: XOM) with a 20-percent working interest.
Seems APC would be a great acquisition target. Storage coming out soon.
Nat gas. If the storage estimate is correct, inventories will total 1.735 trillion cubic feet, 5.1% below the five-year average and 31.7% below last year's record-high level for the same week. As recently as mid-February, stocks were nearly 18% above the year-earlier level.
Jim Ritterbusch, president of Ritterbusch & Associates, said the market has already discounted a rise in
stocks of around 30 bcf. A smaller increase "will be required to jump start a meaningful price advance capable of carrying values back to above the $4.30 mark," he said.