Anadarko Petroleum Corp. on Monday said success from an exploration well drilled offshore Brazil signals better potential for an area that could become the company's "next mega project."
The oil and gas company said its Wahoo No. 2 appraisal well in the Campos Basin encountered more than 90 feet of high-quality net pay, or rock that can deliver oil to the well. The well made its find in the same oil-rich pre-salt interval as the original Wahoo discovery that encountered more than 195 feet of net pay.
Anadarko still has about 2,000 feet left to drill at Wahoo No. 2 before reaching total depth, but so far results indicate high-quality resources and reservoir rock.
The well is located in block BM-C-30, five miles north from the Wahoo discovery. The most recent drilling success lowers the risk of its additional prospects, the company said, adding that it plans to maintain an active pre-salt drilling schedule with up to two exploration/appraisal wells on BM-C-30 in 2010. Anadarko, through a wholly owned subsidiary, holds a 30-percent working interest and is the operator of BM-C-30.
Shares of the company rose 81 cents to $62.10 in afternoon trading.