Anadarko strikes offshore Côte d’Ivoire

Côte d’Ivoire

HOUSTON, May 3, 2016 – Anadarko has hit a 30.5-m payzone in Block CI-103 offshore Côte d’Ivoire, the company announced late on Monday. The news coincided with the posting of Anadarko’s quarterly results, which saw the company post a loss of USD 1.03 billion for the first quarter of 2016.

Oil was struck with the Paon 5A well, Anadarko’s first-ever horizontal offshore well, drilled using Dolphin Drilling’s Bolette Dolphin drillship in 2,200 m of water. In 2012, the same Upper Cretaceous layer also yielded another 30.5-m payzone as did two subsequent follow-up wells. Block CI-103 is held by Anadarko on a 65% stake with partners Mitsubishi (20%) and Côte d’Ivoire’s Petroci (15%).

While Anadarko’s loss had narrowed from the USD 3.26 billion recorded over the first quarter of 2015, shares were nonetheless down almost 3% to USD 50.50 in the hours after the announcement. Early on Tuesday, the stock had rebounded to USD 51.91.