1Q drilling campaigns prove unsuccessful for Murphy Oil

EL DORADO, ArkansasMurphy Oil Corp. has announced the results from its recent exploration drilling program.

In the Gulf of Mexico, the Urca well in Mississippi Canyon block 697 failed to encounter hydrocarbons and has been P&A’d.  The company will take a dry hole expense of approximately $47 million in 1Q 2015 for Urca.

Off Western Australia, Murphy Oil has finished two of the three wells in its Perth basin drilling program.  The two wells, Koel and Cisticola, both located in block WA-481-P, were unsuccessful and have been P&A’d.  The company will take a dry hole expense of approximately $23 million in 1Q 2015 for these two wells.

The company is currently drilling the third well at the Munia prospect in the Perth basin, which is expected to conclude in April. Depending on the outcome, the cost attributed to this well in 1Q 2015 is expected to be approximately $9 million.

03/24/2015

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