HOUSTON--(BUSINESS WIRE)--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.
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.
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