ConocoPhillips Announces Second Oil Discovery Out of Coronado Well
ConocoPhillips (NYSE: COP) today announced another oil discovery in the deepwater Gulf of Mexico. The WR98-1 Coronado wildcat exploration well encountered more than 400 feet of net pay. On March 19, 2013, ConocoPhillips announced an oil discovery at the nearby WR51-2 Shenandoah appraisal well that encountered more than 1,000 feet of net pay in high-quality Lower Tertiary-aged reservoirs. ConocoPhillips holds a 30 percent working interest in Shenandoah.
The Coronado well, located in Walker Ridge Block 98, was drilled to a total depth of 31,866 feet, in 6,127 feet of water. The well is located approximately 190 miles off the coast of Louisiana and approximately 12 miles southeast of the Shenandoah discovery. Results from the Coronado well are still being evaluated, and additional appraisal will be needed to determine the full extent of the resource. ConocoPhillips holds a 35 percent working interest in Coronado. Other co-owners are Chevron Corporation (NYSE: CVX), 40 percent working interest and operator; a subsidiary of Anadarko Petroleum Corporation (NYSE: APC), 15 percent; and Venari Offshore LLC, 10 percent.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.