The LF 7-1 well, located in approximately 350 feet of water, was drilled to a total depth of nearly 10,000 feet and encountered more than 75 meters (approximately 250 feet) of high-quality oil pay in multiple sands. The well was drilled to test a downthrown anticline and was an offset to Newfield's 2008 oil discovery - the LF 7-2. Success with the LF 7-1 well set up a deeper oil prospect within the same fault trap, which the Company may test in 2010 through a down-dip sidetrack of the LF 7-1 well.
"Our two successes on Block 16/05 confirm that we have a commercial oil development with considerable running room," said
In 2007, Newfield acquired 200 square kilometers of new 3-D seismic data to better assess this structural complex. There are numerous independent untested structures identified on the 3-D survey analogous to this discovery and additional drilling is planned. The LF 7-6 structure, located 15 kilometers to the northeast, is planned for drilling in 2010.
East Belumut Phase II, offshore
Newfield also announced plans to accelerate by approximately six months the timing on its "Phase II" development of the East Belumut oil field, located on PM 323 offshore
Newfield will fund the 2009 portion of this investment within its current capital budget of
**This release contains forward-looking information. All information other than historical facts included in this release, such as information regarding drilling and development plans, the timing of activities and estimated production, reserves and capital expenditures, is forward-looking information. Although Newfield believes that these expectations are reasonable, this information is based upon assumptions and anticipated results that are subject to numerous uncertainties and risks. Actual results may vary significantly from those anticipated due to many factors, including drilling results, oil and gas prices, industry conditions, the prices of goods and services, the availability of drilling rigs and other support services, the availability and cost of capital resources, labor conditions and severe weather conditions. In addition, the drilling of oil and gas wells and the production of hydrocarbons are subject to governmental regulations and operating risks.
For information, contact:
Investor Relations, Steve Campbell, +1-281-847-6081, or Media Relations, Keith Schmidt, +1-281-674-2650, both of Newfield Exploration Company, email@example.com