Murphy Makes Deepwater Discovery in Malaysia

Murphy Oil Corporation has drilled a significant oil discovery on the Kikeh prospect located on Block K, offshore Sabah Malaysia using Diamond Offhsore's semisubmersible, Ocean Baroness.

"We are immensely pleased with this discovery," says Claiborne P. Deming, Murphy Oil President and Chief Executive Officer. "This well encountered several hundred feet of high quality oil reservoirs. The structure covers a large area and we plan to immediately move the Ocean Baroness to drill an appraisal location to help determine the size of this discovery."

Located in almost 4,400 feet of water, the Kikeh discovery lies in the southern part of Block K and is the first deepwater oil discovery made in Malaysia. Murphy, as operator, has an 80% interest in Block K and adjoining Block H, which combined cover over six million acres. Petronas Carigali Sdn Bhd, a wholly owned exploration and production arm of Petronas, holds the remaining 20% interest.

"We believe that the offshore deepwater margin of Sabah has tremendous prospectivity," adds Deming, "and with this discovery and our inventory of prospects, we are strategically positioned to develop this new frontier."

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