Anadarko's shares rise on asset sale report

Shares of Anadarko rise on report about potential Mozambique asset sale; new gas discovery

Associated Press

NEW YORK (AP) -- Shares of Anadarko Petroleum Corp. rose Wednesday after a published report said that it was in talks to sell some or all of its assets in Mozambique.

Bloomberg News said that Royal Dutch Shell PLC has begun informal discussions with Anadarko about acquiring some or all of its interest in gas fields in the Rovuma-1 Basin off the coast of the East African nation.

Anadarko has been reluctant to sell those assets before it gets additional exploration results, Bloomberg stated. The report was based on information from people who asked to remain unidentified because the talks are private.

The Woodlands, Texas, independent oil and natural gas producer has a 36.5 percent working interest and is operator in the Offshore Area 1 in Mozambique.

An Anadarko spokesman declined to comment on the report.

Anadarko stock also got a boost from an oil and gas discovery that the company announced Wednesday. Anadarko said that an exploration well had discovered oil and natural gas in the Deepwater Tano Block off the coast of Ghana in West Africa. The company said the oil is of good quality. The well was drilled to a depth of nearly 11,000 feet.

Anadarko has an 18 percent interest in the Tano Block. Other partners include Tullow Oil PLC, Kosmos Energy, Sabre Oil & Gas Holdings Ltd. and Ghana National Petroleum Corp.

Shares of Anadarko rose 73 cents to $72.55 in afternoon trading. The price has ranged from $56.42 to $88.70 per share in the past 52 weeks.

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