ConocoPhillips plugs and abandons Angolan well

well-BASF-flickrUSA-based ConocoPhillips has plugged and abandoned the Kamoxi-1 exploration well in the Kwanza basin offshore Angola

The well had been drilled to a total depth of 6,906 metres in Block 36 of the basin. According to officials in the company, the well will be plugged and abandoned as a dry hole, after it failed to deliver satisfactory results.

An after-tax charge of US$140mn, net to ConocoPhillips, will be recorded to dry hole expense in Q4 2014, which includes estimated costs through November, added officials.

Larry Archibald, senior vice-president of exploration at ConocoPhillips, said, “Although the Kamoxi well results were disappointing, we continue to see potential for this sub-salt Angola play. 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.”

The company is also expected follow up on the FAN-1 well, offshore Senegal, where drilling has been launched on a second wildcat. Additional drilling activity is being contemplated for late 2015 or 2016.

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