Anadarko Extends Pre-Salt Wahoo Discovery

Anadarko announced the Wahoo #2 (also called Wahoo North) appraisal/exploration well in the Campos Basin has encountered more than 90 feet of high-quality net oil pay in the same pre-salt interval as the original Wahoo discovery.

Drilled by the Deepwater Millennium drillship, the Wahoo #2 appraisal/exploration well is located in block BM-C-30, five miles north and down-dip from the previously announced Wahoo discovery that encountered more than 195 feet of net pay.

"The Wahoo North well is confirming all of its objectives, and the early results from the cores and wireline logs in the appraisal section of the well indicate high-quality resources and reservoir rock," Anadarko Sr. Vice President, Worldwide Exploration Bob Daniels said. "We have approximately 2,000 feet left to drill before we reach TD (total depth) to test a secondary exploration objective; nonetheless, our activities so far have confirmed the main pay section in the original Wahoo discovery extends at least five miles to the north, and the hydrocarbon accumulation has been extended further down the structure. We believe the results to date increase the potential resources in the prospect area, and from what we’ve seen so far, Wahoo has the characteristics necessary to potentially become our next mega project."

Anadarko and its partners are continuing to collect data on the Wahoo #2 well and expect to provide an update regarding the field's estimated resources after reaching TD and incorporating the data. Following the completion of drilling operations at Wahoo #2, Anadarko plans to move the drillship to the original Wahoo discovery well to conduct drillstem testing (DST), and then back to the Wahoo #2 well to conduct another DST in 2010.

The company's drilling success on the block continues to de-risk additional prospects, and Anadarko plans to maintain an active pre-salt drilling schedule with up to two exploration/appraisal wells on BM-C-30 in 2010.

Anadarko, through a wholly owned subsidiary, holds a 30-percent working interest and is the operator of BM-C-30. Devon Energy Corp. holds a 25-percent working interest, IBV Brasil Petróleo Limitada, a wholly owned subsidiary of Bharat PetroResources Limited and Videocon Industries, holds a 25-percent working interest and SK Energy Co., Ltd. holds the remaining 20-percent working interest.

Also in the Campos Basin, Anadarko and partners are currently drilling the Itaipu prospect in the adjacent BM-C-32 block. The Itaipu well will test a pre-salt geologic feature similar to the adjacent Jubarte field, which is estimated to hold up to 2 billion barrels of recoverable oil. Anadarko holds a 33-percent working interest in Itaipu.