ConocoPhillips Announces Oil Discovered Offshore Senegal

HOUSTON--()--ConocoPhillips (NYSE: COP) today confirmed that oil was discovered in the FAN-1 exploration well, located approximately 60 miles offshore Senegal. Further evaluation is required in order to determine commerciality.

“The preliminary results at FAN-1 are encouraging,” said Larry Archibald, senior vice president, Exploration. “We believe the positive result reinforces our global exploration strategy of getting into the right plays early in their life-cycle.”

The FAN-1 well, located in the Sangomar Deep block, was drilled to a total depth of 16,164 feet in approximately 4,700 feet of water. Upon completion of operations at FAN-1, the semi-submersible drilling rig will move to the SNE-1 well, also located in the Sangomar Deep block in approximately 3,600 feet of water.

Cairn Energy PLC. is the operator and holds a 40-percent working interest in the FAN-1 well. ConocoPhillips holds a 35 percent working interest in the well, while FAR Limited and Petrosen hold 15 and 10 percent interest, respectively.

About ConocoPhillips

ConocoPhillips is the world’s largest independent E&P company based on production and proved reserves. Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 27 countries, $58 billion in annualized revenue, $122 billion of total assets, and approximately 19,200 employees as of June 30, 2014. Production from continuing operations, excluding Libya, averaged 1,543 MBOED for the six months ended June 30, 2014, and proved reserves were 8.9 billion BOE as of Dec. 31, 2013. For more information, go to www.conocophillips.com.

CAUTIONARY STATEMENT FOR THE PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This news release includes forward-looking statements. These statements relate to future events, such as anticipated revenues, earnings, business strategies, competitive position or other aspects of our operations or operating results or the industries or markets in which we operate or participate in general. Actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that may prove to be incorrect and are difficult to predict such as oil and gas prices; operational hazards and drilling risks; potential failure to achieve, and potential delays in achieving expected reserves or production levels from existing and future oil and gas development projects; unsuccessful exploratory activities; unexpected cost increases or technical difficulties in constructing, maintaining or modifying company facilities; international monetary conditions and exchange controls; potential liability for remedial actions under existing or future environmental regulations or from pending or future litigation; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets; general domestic and international economic and political conditions, as well as changes in tax, environmental and other laws applicable to ConocoPhillips’ business and other economic, business, competitive and/or regulatory factors affecting ConocoPhillips’ business generally as set forth in ConocoPhillips’ filings with the Securities and Exchange Commission (SEC). We caution you not to place undue reliance on our forward-looking statements, which are only as of the date of this news release or as otherwise indicated, and we expressly disclaim any responsibility for updating such information.

Contacts

ConocoPhillips
Daren Beaudo (media), 281-293-2073
daren.beaudo@conocophillips.com
or
Sidney J. Bassett (investors), 212-207-1996
sid.bassett@conocophillips.com
or
Vladimir R. dela Cruz (investors), 212-207-1996
v.r.delacruz@conocophillips.com

Contacts

ConocoPhillips
Daren Beaudo (media), 281-293-2073
daren.beaudo@conocophillips.com
or
Sidney J. Bassett (investors), 212-207-1996
sid.bassett@conocophillips.com
or
Vladimir R. dela Cruz (investors), 212-207-1996
v.r.delacruz@conocophillips.com