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BP & Partners Make Discovery at Kaskida Prospect in the Gulf of Mexico

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Anadarko Petroleum along with BP and Devon announced a lower Tertiary Gulf of Mexico oil discovery at its Kaskida prospect on Keathley Canyon block 292, encountering 800 net feet of hydrocarbon-bearing sands. The well, located about 250 miles southwest of New Orleans, was drilled in 5,860 feet of water to a total depth of approximately 32,500 feet using Transocean's semisub, Deepwater Horizon.

"The Kaskida discovery represents Anadarko's first test of the lower Tertiary play as a primary target, and it is the industry's first announced lower Tertiary discovery in the Keathley Canyon area," said Bob Daniels, Anadarko's senior vice president of worldwide exploration. "Kaskida significantly enhances the prospectivity of Anadarko's acreage position. Commercializing the lower Tertiary play could substantially elevate Anadarko's already robust deepwater Gulf of Mexico exploration and production profile."

Anadarko currently has access to 768 blocks (approximately 3.3 million gross acres) in the deepwater Gulf of Mexico, including more than 200 blocks (approximately 1 million gross acres) with lower Tertiary exploratory objectives. These data exclude 34 blocks for which Anadarko and its affiliates were the apparent high bidders in the August lease sale, as the blocks have not yet been awarded. Of the 34 high-bid blocks, 21 include lower Tertiary exploratory objectives.

To support its deepwater activity, Anadarko has extended and expanded its access to rigs. In August, the company extended the terms of three deepwater rigs previously contracted by Kerr-McGee and added two incremental rigs. The Ocean Valiant and Ocean Star, owned by Diamond Offshore Drilling, and the Amos Runner, owned by Noble, were extended for additional periods. Diamond Offshore's Ocean Monarch, upon completion of an upgrade in 2008, will be used in the deepwater Gulf of Mexico and Noble's Homer Ferrington will be used for Anadarko's 2008 West Africa deepwater drilling program. In total, Anadarko currently has 10 rigs under contract with maximum water-depth capabilities ranging from 5,500 feet to 10,000 feet.

Anadarko has a 25 percent working interest in Kaskida. The well is operated by BP with a 55 percent working interest. Devon has a 20 percent working interest. The lease was acquired at federal OCS Lease Sale 187 in August 2003. Appraisal operations on the block are expected to resume in late 2006 to help determine the extent and commerciality of the discovery.

Anadarko Petroleum Corporation's mission is to deliver a competitive and sustainable rate of return to shareholders by exploring for, acquiring and developing oil and natural gas resources vital to the world's health and welfare. As of year-end 2005, the company had 2.45 billion barrels-equivalent of proved reserves, making it one of the world's largest independent exploration and production companies. In August 2006, Anadarko acquired Kerr-McGee Corporation and Western Gas Resources, Inc. in separate transactions totaling $23.3 billion, including the assumption of debt.

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