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Murphy Announces Drilling Results in MPN Permit

Source: www.gulfoilandgas.com 11/21/2012, Location: Africa

Murphy Oil Corporation announced the results of its recent drilling offshore Republic of the Congo in the Mer Profonde Nord (MPN) permit.

The Opale Marine - 1 well in the MPN Block was unsuccessful and has been plugged and abandoned. The total net cost of the well is estimated at $48 million and will be expensed in the fourth quarter of 2012. As a result of the Opale Marine - 1 well outcome, Murphy will also take a noncash charge of $29 million in the quarter to write off the Titane Marine - 1 well which was drilled in October 2010 and had been suspended pending results of additional exploratory drilling on the block.

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