Anadarko Petroleum (APC) has made a new deepwater discovery at the Venus exploration well in block SL 6/07 offshore Sierra Leone. The well was drilled to a total depth of nearly 18,500 feet in about 5,900 feet of water and found over 45 net feet of hydrocarbon pay. Anadarko operates the Venus well with a 40% working interest. Woodside and Repsol each owns 25% interest and Tullow holds the remaining 10%.

Anadarko has a significant acreage position in West Africa across 10 blocks offshore Sierra Leone, Liberia, Cote d’Ivoire and Ghana. The Venus discovery validates the huge potential of the region. Anadarko and its partners are currently appraising the preliminary outcome of the test and the future plan for the well. They expect further drilling in the area.

Investors cheered over the Venus discovery and pushed Anadarko shares to 52-week high of $65.40. Anadarko shares finally closed at $64.85 on Wednesday, up 9.60% from previous day’s close.

We maintain our Neutral recommendation for the company.

Zacks Investment Research
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