ConocoPhillips reports dry holes off Angola, deepwater gulf

ConocoPhillips reported that its Omosi-1 deepwater exploration well, drilled on Block 37 offshore Angola in the Kwanza basin, reached a total depth of 20,666 ft and found a 525-ft gas column in the primary objective reservoir. The well has been plugged; no further activity is planned.

Separately the Harrier prospect, which was drilled on Mississippi Canyon Block 118 in the deepwater Gulf of Mexico to a total depth of 19,400 ft, found no commercial hydrocarbons and will be plugged.

Stone Energy Offshore LLC was a nonoperating co-owner in the Harrier prospect.

An aftertax charge relating to the two wells of $142 million net to ConocoPhillips will be recorded to dry hole expense in this year’s first quarter, the company said.

The total before-tax exploration expense for the quarter is estimated to be $482 million, which includes dry hole, leasehold impairment, general and administrative, and geological and geophysical costs.

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