ANCHORAGE, Alaska, Oct. 26 /PRNewswire/ -- Anadarko Petroleum Corporation
(NYSE: APC) and ARCO Alaska, Inc., a wholly-owned subsidiary of Los Angeles-
based ARCO (NYSE: ARC), today announced test results from Lone Creek No. 1, an
exploratory discovery well located in the Cook Inlet area in south central
Alaska, about 40 miles west of Anchorage.
The Moquawkie discovery well, known as the Lone Creek No. 1, flowed
10.6 million cubic feet of natural gas per day through a 33/64-inch choke with
925 psi flowing tubing pressure from 53 feet of perforations at approximately
2,400 feet. This represents one of the best shallow gas tests in the vicinity
for a reservoir of this age and type. Several other possible gas zones,
approximately 180 feet, were also encountered during the drilling of Lone
Creek No. 1, but have not yet been tested.
Anadarko and ARCO are preparing plans to develop the Moquawkie discovery,
which may include additional drilling and installation of facilities necessary
to produce this and subsequent wells. The well is located within five miles
of a 16-inch natural gas pipeline.
Lone Creek is the first well operated by Anadarko in Alaska. The well was
drilled on a prospect identified by a joint Anadarko-ARCO Alaska, Inc.
exploration team. The well is located on lands leased from Cook Inlet Region,
Inc. (CIRI). CIRI, an Alaskan Native Corporation, is the largest private
landowner in the Cook Inlet area and has actively pursued exploratory drilling
on its holdings.
Anadarko and ARCO Alaska each holds a 50 percent working interest in the
discovery. Anadarko and ARCO jointly hold approximately 56,000 leasehold
acres in the Moquawkie area and 178,000 acres in the Cook Inlet area.
This press release contains forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Anadarko believes that its expectations are based on
reasonable assumptions. No assurances, however, can be given that its goals
will be achieved. See Additional Factors Affecting Business in the Management
Discussion and Analysis (MD&A) included in the Company's 1997 Annual Report on
Form 10-K.
For more information, contact:
Analysts and Investors: Media:
A. Paul Taylor, Jr. Carol L. Cox
Phone: 281-874-3471 Phone: 281-873-3855
Steve C. Campbell
Phone: 281-874-3260
For additional information about Anadarko, please visit the Company's Web
site at http://www.anadarko.com on the Internet.
For a copy of a map of the Cook Inlet area, please contact 281-874-3498.
SOURCE Anadarko Petroleum Corporation
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http://www.anadarko.com
Company News On-Call:
http://www.prnewswire.com/comp/038950.html or fax,
800-758-5804, ext. 038950
CONTACT:
Analysts and Investors: A. Paul Taylor, Jr.,
281-874-3471, or Steve C. Campbell, 281-874-3260, or Media: Carol
L. Cox, 281-873-3855, all of Anadarko Petroleum Corporation
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