ConocoPhillips (NYSE: COP) today confirmed that oil was discovered in the FAN-1 exploration well, located approximately 60 miles offshore Senegal. Further evaluation is required in order to determine commerciality.
“The preliminary results at FAN-1 are encouraging,” said Larry Archibald, senior vice president, Exploration. “We believe the positive result reinforces our global exploration strategy of getting into the right plays early in their life-cycle.”
The FAN-1 well, located in the Sangomar Deep block, was drilled to a total depth of 16,164 feet in approximately 4,700 feet of water. Upon completion of operations at FAN-1, the semi-submersible drilling rig will move to the SNE-1 well, also located in the Sangomar Deep block in approximately 3,600 feet of water.
Cairn Energy PLC. is the operator and holds a 40-percent working interest in the FAN-1 well. ConocoPhillips holds a 35 percent working interest in the well, while FAR Limited and Petrosen hold 15 and 10 percent interest, respectively.
