Hess Announces Pecan-1 Discovery Offshore Ghana
NEW YORK -- December 12, 2012
Hess Corporation (NYSE: HES) announced today that it filed a notice of
discovery with the Ghana National Petroleum Corporation for the Pecan-1
exploration well located in the Deepwater Tano / Cape Three Points license
offshore Ghana, which has encountered 245 net feet of oil pay in two separate
Turonian intervals. Hess currently has a 90 percent interest in the block. The
Ghana National Petroleum Corporation (GNPC) holds the remaining 10 percent.
The Pecan-1 well was drilled to a total depth of 15,420 feet in a water depth
of 8,245 feet. An extensive data acquisition program was undertaken including
wireline logs and MDTs. The well was then sidetracked to obtain bypass cores
and is now being suspended.
Pecan-1 is Hess’ fifth discovery on the block and follows the previously
announced discoveries at Almond (53 net feet oil pay), Beech (146 net feet oil
pay), Hickory North (98 net feet gas condensate pay) and Paradise (120 net
feet oil pay and 295 net feet gas condensate pay).
Hess will next drill the Cob prospect, located approximately 15 miles
northeast of the Pecan-1 discovery. Pre-development and further exploration
activities are planned in 2013.
Hess Corporation is a leading global independent energy company primarily
engaged in the exploration for 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.
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.
Jay Wilson, 212-536-8940
Jon Pepper, 212-536-8550
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