Murphy Oil Announces Acreage Position Offshore Deepwater Sabah Malaysia
EL DORADO, Ark., Jan 23, 2006 (BUSINESS WIRE) -- Murphy Oil Corporation (NYSE:MUR) announced today that it has been granted an extension in the exploration term of a portion of Block K and an award of a new deepwater Block P. Murphy will have a 60% interest in both blocks. The remaining interest will be held by PETRONAS Carigali. The Block K extension and the new Block P have been created from part of the acreage originally awarded to Murphy and partner PETRONAS Carigali in 1999 and known as Block K which had come to the end of its seven year exploration period. All oil fields discovered during the first exploration term will remain at the original Block K working interest.
"We are very pleased to continue our pioneering position offshore deepwater Sabah and to be granted this acreage along with our longstanding partner Carigali," said Claiborne P. Deming, Murphy Oil Corporation's President and Chief Executive Officer. "The extension of part of Block K centers around our Kikeh complex, including all our other oil discoveries, allowing us to continue our active program in exploring, appraising and developing this important area," he added. "Block P lies on trend 110 km to the northeast and is another area we have been targeting for existing, as well as new plays. We are excited about these new opportunities and continuing our long term commitment to Malaysia," he explained.
Murphy as Operator has a 60% working interest in Blocks K and P. PETRONAS Carigali, a wholly owned exploration and production arm of PETRONAS, holds the remaining 40%. Blocks K and P comprise approximately 4111 and 4246 sq km, respectively, and lie in water depths of 3,000 to 9,000 feet. The Block K extension is granted for 5 years and Block P carries a 7 year exploration term. (Please refer to attached map)
The forward-looking statements reflected in this release are made in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. No assurance can be given that the results discussed herein will be attained, and certain important factors that may cause actual results to differ materially are contained in Murphy's January 15, 1997 Form 8-K report on file with the U.S. Securities and Exchange Commission.
SOURCE: Murphy Oil Corporation
Murphy Oil Corporation Investor/Media Relations: Mindy West, 870-864-6315