ConocoPhillips is plugging and abandoning the Kamoxi-1 exploration well as a dry hole after drilling to a total depth of 22,660ft, offshore Angola.
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| Kwanza basin activity. From Deloitte Petroview |
Kamoxi-1 is located in Block 36 in the Kwanza basin.
According to ConocoPhillips, an after-tax charge of approximately US$140 million net to the company will be recorded to dry hole expense in the 4Q 2014, which includes estimated costs through November 2014.
"Although the Kamoxi well results were disappointing, we continue to see potential for this subsalt Angola play," says Larry Archibald, senior VP, exploration. "After plugging Kamoxi, we will spud a well on adjacent Block 37, which will be the second wildcat in our planned four well exploration program in the Kwanza basin.”
ConocoPhillips says they are also actively pursuing a wide range of other global exploration opportunities, including follow-up to the promising and recently announced FAN-1 well located offshore Senegal. In addition, a second wildcat in Senegal began and additional drilling activity in Senegal is anticipated for late 2015 or 2016.
Other oil and gas companies are operating in the Kwanza basin including Maersk Drilling, Cobalt International Energy, Italian giant Eni, Total and Statoil, with some finding success and others not.
Maersk was the first company to make a pre-salt discovery in the Kwanza basin in 2011 with Azul-1 located in Block 23. Soon after, Cobalt began its intensive drilling campaign with seven successful wells completed in Blocks 20 and 21.
In early September, Statoil announced that the Dilolo-1 exploration well in the Kwanza basin was drilled to its pre-salt target, but failed to find any hydrocarbons. The well was plugged and abandoned. The Norwegian giant is also participating in two more wells in the Kwanza basin: Total-operated Puma in Block 25 and Repsol-operated Locosso in Block 22.
Just last week, ConocoPhillips dropped out of the Andardarko-operated Coronado prospect located in the Walker Ridge Block 52 in the deepwater Gulf of Mexico, leaving behind partners Chevron Corp., Anadarko Petroleum Corp. and Venari Resources LLC.
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