EL DORADO, Ark.--(BUSINESS WIRE)--Jun. 7, 2013--
Murphy Oil Corporation (NYSE:MUR) announced today, through its wholly
owned subsidiary, Murphy Australia WA-408-P Oil Pty Ltd., the well
results of the non-operated Bassett West-1 well in the Browse basin
offshore Western Australia.
The well encountered over 20 feet of net gas condensate pay. The
partnership group will be performing further technical assessment to
evaluate the potential for improved reservoir development across this
large structure. The accumulation found in this wellbore is
non-commercial and the Company expects to expense this well in the
second quarter.
Murphy holds a 20% working interest in block WA-408-P. The other joint
venture partners are Total E&P Australia (50% Operator) and Santos
(30%). The partnership will drill the Dufresne-1 prospect in this block
after the Bassett West-1 well is plugged and abandoned.
This press release contains forward-looking statements as defined in
the Private Securities Litigation Reform Act of 1995. These statements,
which express management’s current views concerning future events or
results, including Murphy’s future drilling plans, are subject to
inherent risks and uncertainties. Factors that could cause the
events forecasted in this press release not to occur include, but are
not limited to, a failure to obtain necessary regulatory approvals, a
deterioration in the business or prospects of Murphy, adverse
developments in Murphy’s markets, or adverse developments in the U.S. or
global capital markets, credit markets or economies generally. Factors
that could cause actual results to differ materially from those
expressed or implied in our forward-looking statements include, but are
not limited to, the volatility and level of crude oil and natural gas
prices, the level and success rate of our exploration programs, our
ability to maintain production rates and replace reserves, political and
regulatory instability, and uncontrollable natural hazards. For further
discussion of risk factors, see Murphy’s 2012 Annual Report on Form 10-K
on file with the U.S. Securities and Exchange Commission. Murphy
undertakes no duty to publicly update or revise any forward-looking
statements.
Source: Murphy Oil Corporation
Murphy Oil Corporation
Barry Jeffery, 870-864-6501