Murphy Oil Reports Well Result Offshore Australia

Murphy Oil Corporation

announced today, through its wholly owned subsidiary, Murphy Australia WA-408-P Oil Pty Ltd., the well results of the non-operated Bassett West-1 well in the Browse basin offshore Western Australia. The well encountered over 20 feet of net gas condensate pay. The partnership group will be performing further technical assessment to evaluate the potential for improved reservoir development across this large structure. The accumulation found in this wellbore is non-commercial and the Company expects to expense this well in the second quarter. Murphy holds a 20% working interest in block WA-408-P. The other joint venture partners are Total E&P Australia (50% Operator) and Santos (30%). The partnership will drill the Dufresne-1 prospect in this block after the Bassett West-1 well is plugged and abandoned.