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Anadarko Announces Gulf of Mexico Discovery

Posted on 04 December 2007

"The West Tonga discovery continues the success of our deepwater Gulf of Mexico exploration program and further illustrates the value of our extensive hub-and-spoke infrastructure," said Bob Daniels, Anadarko Sr. Vice President, Worldwide Exploration. "West Tonga is indicative of our exploration program in the deepwater Gulf, which focuses on prospects in the Miocene and Lower Tertiary plays that have estimated recoverable resources of more than 100 million barrels of oil equivalent. Coupled with the Caesar discovery (Anadarko 20%, Shell 62.5% and StatoilHydro 17.5%), West Tonga gives Anadarko and our partners two significant fields that potentially could be tied back to the Constitution spar.

"Through discoveries like West Tonga, we continue to accelerate value for our stakeholders from the deepwater Gulf of Mexico. Anadarko has an industry-leading deepwater rig position, proven exploration expertise, an extensive leasehold position, and more than 150 identified exploration opportunities in the deepwater Gulf," added Daniels.

Anadarko also is drilling both the Atlas prospect located on Walker Ridge block 155, and the Terrebonne prospect located on Green Canyon block 452. Atlas is a 30,000-foot lower Miocene test, operated by Anadarko with a 68% working interest. Repsol E&P USA Inc. has a 20% working interest and Ridgewood Energy Corporation holds a 12% working interest. Terrebonne, which is operated by Woodside Energy (USA) Inc., is a 26,000-foot upper Miocene test. Anadarko has a 33.33% working interest in Terrebonne. Plains Exploration & Production Company holds a 25% working interest.

Anadarko Petroleum Corporation's mission is to deliver a competitive and sustainable rate of return to shareholders by exploring for, acquiring and developing oil and natural gas resources vital to the world's health and welfare. For more information about Anadarko, please visit www.anadarko.com.

SOURCE: Anadarko Petroleum Corporation

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