Anadarko Apparent Winner on 13 Blocks

Anadarko reports that it was the apparent high bidder on 13 blocks in yesterday's Central Gulf of Mexico Lease Sale 198. The bids represent a total investment of approximately $20 million net to Anadarko.

Anadarko made a successful $34 million bid for Green Canyon (GC) 551 jointly, on a 50/50 basis, with Newfield Exploration. In addition, it individually placed apparent winning bids on another 12 blocks.

GC 551 was one of the most highly sought after blocks in the lease sale, attracting six bids totaling nearly $70 million from a combination of nine companies. The Lyell prospect identified on GC 551 is in close proximity to and targets the same Miocene pay zones found in Anadarko's Knotty Head (25 percent working interest)discovery and the nearby Tahiti and Tonga fields.

In addition to the Lyell prospect, Anadarko picked up a lower tertiary lead called Fog Hat on Walker Ridge 414. The company also gained five wildcat prospects in a newly emerging play on the abyssal plain: the Antares prospect on Atwater Valley (AT) 890, 891 and 892; Sirius on AT 636, 637 and 681; Cygnus on AT 675 and 719; Aldebaran on GC 1009; and Rigel on Lund 47 and 48.

Not including these latest winning bids, Anadarko has access to 265 Gulf of Mexico deepwater blocks and is in the process of bringing several major discoveries online.

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