Murphy Oil Announces Successful Appraisal and Flow Test of the Azurite Marine #2 Deepwater Oil Discovery in the Republic of Congo
EL DORADO, Ark.--(BUSINESS WIRE)--Dec. 6, 2005--Murphy Oil Corporation (NYSE:MUR) announced today that its Azurite Marine #2 (85%) appraisal well drilled in the Mer Profonde Sud (MPS) block in 4,488 feet of water offshore The Republic of Congo successfully appraised the Azurite Marine oil discovery announced earlier this year. A subsequent flow test produced almost 8,000 barrels of oil per day from a single zone.
"The Azurite Marine #2 well, sidetrack, and subsequent flow test, confirmed the oil discovery we made earlier this year. We are very pleased with the well results and the strong flow test conducted in a single zone," said Claiborne P. Deming, Murphy Oil Corporation President and Chief Executive Officer. "Reservoir quality is excellent and we have now confirmed oil in the main compartments of this structure," he added.
"The rig will now move to drill a new prospect, the Malachite #1 well, in the same area of MPS. A subsequent well on the Beryl prospect in MPS is planned. Once we conclude this drilling campaign, we will be in a position to determine the development options and timeline for the Azurite area of the block," he concluded.
Murphy as operator, has an 85% working interest in MPS, which covers over 800,000 acres. The Congolese national oil company, Societe Nationale Petroles du Congo, holds the remaining 15%.
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.
CONTACT: Murphy Oil Corporation, El Dorado
Investor/Media Relations: Mindy West, 870-864-6315
SOURCE: Murphy Oil Corporation