ConocoPhillips Offering Stake in Deepwater Angolan Block

ConocoPhillips has retained IndigoPool to market their entire interest offshore Angola. This interest includes deepwater Block 34. This large, multi-faceted exploration opportunity is in one of the most exciting oil and gas areas in the world. The company's exit from the area is the result of a portfolio rationalization program, which followed the Conoco/Phillips merger.

The successful farm-in company will take over all partner responsibilities going forward from the effective date of the farmout.

Opportunity Highlights:
  • Non-operated 20% working interest
  • Large exploration potential
  • Multiple Tertiary turbidite sand and Cretaceous prospects >100 MMBOE
  • Low cost entry point into a world-class E&P area
  • Prospects have high quality 3D seismic support and advanced technical analysis
  • Low-risk prospect ready to drill by year-end 2003
  • Key position for expanding to additional licenses
  • Economic advantage by inheriting sunk costs
  • Multiple market options for oil and gas

ConocoPhillips will host a Physical Data Room in Houston. Offers are due no later than December 19, 2003. The company says a farmout agreement will need to be finalized by January 1, 2004 which will have an effective date of December 1, 2003.