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ConocoPhillips drills deepwater duds offshore Angola and in the Gulf of Mexico

23rd April 2015

ConocoPhillips has struck out at two deepwater wells, one off Angola and another in the Gulf of Mexico, which together have cost the company USD 482m

ConocoPhillips has struck out at two deepwater wells, one off Angola and another in the Gulf of Mexico, which together have cost the company USD 482m
The total before-tax exploration expense for the quarter is estimated to be USD 482m, which includes dry hole, leasehold impairment, G&A, and G&G expense.

ConocoPhillips’ Omosi-1 deepwater exploration well in Block 37 offshore Angola in the Kwanza Basin has been drilled to a total depth of 20,666 feet.  A gas column of approximately 525 feet was encountered in the primary objective reservoir.  No further activity is planned and the well has been plugged and abandoned.

In the deepwater Gulf of Mexico, the Harrier prospect in Mississippi Canyon Block 118 has been drilled to a total depth of 19,400 feet. No commercial hydrocarbons were encountered. The well will be plugged and abandoned.

Stone Energy Offshore, L.L.C. was a non-operating co-owner in the Harrier prospect.

An after-tax charge relating to the two wells of approximately USD 142m net to ConocoPhillips will be recorded to dry hole expense in the first quarter of 2015.

The total before-tax exploration expense for the quarter is estimated to be USD 482m, which includes dry hole, leasehold impairment, G&A, and G&G expense.

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