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Anadarko Has First Deep-water East Africa Oil Find

Aug. 17 (Bloomberg) -- Anadarko Petroleum Corp., the U.S. partner in BP Plc’s damaged Gulf of Mexico well, said it made the first documented deep-water oil find off the coast of East Africa in Mozambique’s Rovuma Basin.

The Ironclad well encountered about 125 feet (38 meters) of sands saturated with crude and natural gas, John Christiansen, a spokesman for The Woodlands, Texas-based Anadarko, said today in a telephone interview. The deposit probably won’t be commercial to develop, said Christiansen, who added that it appears to have low permeability and low porosity. He said the well will provide information for further exploration in the region.

Ironclad was drilled to a total depth of about 17,400 feet in 3,418 feet of water and is located about 70 miles (113 kilometers) south of Anadarko’s Windjammer gas discovery, which was announced in February, Christiansen said. It confirms the presence of oil in the company’s Area 1 concession.

Anadarko is exploring in places such as the Gulf of Mexico and Africa for sources of new oil and gas production. Windjammer, also located in the Rovuma Basin, was the company’s first deep-water gas discovery off the coast of Mozambique.

Anadarko rose $1.11, or 2.1 percent, to $53.05 as of 4:01 p.m. in New York Stock Exchange composite trading. A partner in the Ironclad project, London-based Cove Energy Plc, rose as much as 21 percent today after a newspaper report on Anadarko’s find.

Anadarko has a 25 percent stake in BP’s Macondo well in the Gulf of Mexico, where an April 20 drilling-rig explosion killed 11 workers and triggered the largest accidental, offshore oil spill on record.

To contact the reporter on this story: Edward Klump in Houston at eklump@bloomberg.net.

To contact the editor responsible for this story: Susan Warren at susanwarren@bloomberg.net.

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