Hess Announces Ghana Drilling Results
Hess Corporation (NYSE: HES) announced today it has completed drilling
of its seventh consecutive successful exploratory well on the Deepwater
Tano/Cape Three Points block offshore Ghana. The Pecan North-1 well,
located approximately seven miles northeast of the Pecan-1 well,
encountered approximately 40 feet of net oil pay in Turonian aged
reservoir.
The results of the seven wells are as follows:
| Well Name | ? | Net Feet of Pay | ? | Hydrocarbon Type | ? | Water Depth | |
Paradise-1 | 415 | Oil and gas condensate | 6,040 feet | ||||
Hickory North-1 | 98 | Gas condensate | 6,455 feet | ||||
Beech-1 | 146 | Oil | 5,623 feet | ||||
Almond-1 | 53 | Oil | 7,251 feet | ||||
Pecan-1 | 245 | Oil | 8,245 feet | ||||
Cob-1 | 31 | Oil | 6,330 feet | ||||
Pecan North-1 | 40 | Oil | 7,411 feet |
The wells were drilled by the Stena Drillmax drillship in a range of
water depths between 5,623 and 8,245 feet. Hess achieved outstanding
drilling performance in terms of drilling time and cost per foot with
gross costs averaging $40 million per well for the last three wells,
including success case logging.
Based on the results of these wells and Hess′ extensive experience in
Equatorial Guinea, where the geology is quite similar, the company now
plans to submit appraisal plans for the various discoveries to the
Ghanaian Government for approval on or before June 2, 2013. In parallel,
Hess has begun pre-development studies on the block.
Hess holds a 90 percent working interest in the block and is the
operator. GNPC is a 10 percent equity interest partner and is carried
through to the production phase of the license.
Hess Corporation is a leading global independent energy company
primarily engaged in the exploration and production of crude oil and
natural gas, and the marketing of refined petroleum products, natural
gas and electricity. More information on Hess Corporation is available
at http://www.hess.com.
Cautionary Statements
This news release contains projections and other 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.These
projections and statements reflect the company′s current views with
respect to future events and financial performance.No assurances
can be given, however, that these events will occur or that these
projections will be achieved, and actual results could differ materially
from those projected as a result of certain risk factors.A
discussion of these risk factors is included in the company′s periodic
reports filed with the Securities and Exchange Commission.
Hess Corporation
Investor:
Jay
Wilson, 212-536-8940
or
Media:
Jon
Pepper, 212-536-8550
