U.S. ONSHORE OIL GROWTH Oil sales volumes from Anadarko’s U.S. onshore assets averaged more than 97,000 barrels of oil per day (BOPD)
in the 1st quarter, an increase of 35% over the 1st quarter
of 2012. This higher-margin growth was driven by increased activity in the Wattenberg, Eagleford Shale, East Texas HZ and Permian oil plays, and is expected to
continue throughout 2013.
HEIDELBERG CARRIED INTEREST AGREEMENT During the quarter, Anadarko signed a definitive agreement to enter into a carried-interest arrangement for a portion of Anadarko’s ownership of the Heidelberg development project in the deepwater Gulf of Mexico, which is estimated to hold 200 - 400 million barrels of recoverable resources. The carried interest arrangement closed during the 2nd quarter of 2013, and is effective as of April 1, 2013. Under the terms of the agreement, Anadarko will be carried for $860 million, which represents nearly all its expected capital investments through the anticipated
date of first oil in mid-2016, and it established a market value of approximately $3 billion for Anadarko’s interest. In exchange, Anadarko conveyed a 12.75-percent working interest in the Heidelberg development. Anadarko will
continue as operator with a 31.5-percent working interest.
FIRST OIL PRODUCTION AT EL MERK Initial oil production began flowing through the first of three facilities at Anadarko’s El Merk project in Algeria. Production is expected to increase during the year, and Anadarko anticipates production to reach 30,000
barrels of oil per day, net, around year end.
FIRST-QUARTER HIGHLIGHTS
SHENANDOAH BASIN SUCCESS The company’s Shenandoah-2 well in the deepwater Gulf of Mexico encountered more than 1,000 net feet of oil pay in multiple high-quality, Lower Tertiary reservoirs. Similar to the initial Shenandoah discovery, well log and pressure data from the Shenandoah-2 well indicated excellent-quality reservoir and fluid properties. The well was drilled more than 1 mile southwest and approximately 1,700 feet structurally down-dip from the Shenandoah-1 discovery well to test the extent of the accumulation. The targeted sands were full to base with no oil-water contact. Anadarko is the operator of the Shenandoah discovery with a 30-percent
working interest.
2013 30
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2008 2009 2010 2011 2012 1Q13
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U.S. ONSHORE OIL SALES VOLUMES
This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. While Anadarko believes that its expectations are based on reasonable assumptions as and when made, no assurance can be given that such expectations will prove to have been correct. A number of factors could cause actual results to differ materially from the projections, anticipated results or other expectations expressed in this presentation, including the following: Anadarko’s ability to meet financial and operating guidance; to achieve its production targets, successfully manage its capital expenditures and to complete, test and produce the wells and prospects identified in this presentation; to successfully plan, secure necessary government approvals, finance, build and operate the necessary infrastructure and LNG plant; and to achieve its production and budget expectations on its mega projects. Other factors that could impact any forward-looking statements are described in “Risk Factors” in the company’s 2012 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other public filings and press releases. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Anadarko undertakes no
obligation to publicly update or revise any forward-looking statements.
Cautionary Note to U.S. Investors —The U.S. Securities and Exchange Commission (SEC) permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves that meet the SEC’s definitions for such terms. We may use terms in this presentation, such as “resources,” “recoverable resources,” and similar terms that the SEC’s guidelines strictly prohibit us from including in filings with the SEC. U.S. Investors are urged to consid-er closely the oil and gas disclosures in our Form 10-K for the year ended December 31, 2012, File No. 001-08968, available from us at www.anadarko.com or by writing us at: Anadarko Petroleum Corporation, 1201 Lake Robbins
Drive, The Woodlands, Texas 77380 Attn: Investor Relations. You can also obtain this form from the SEC by calling 1-800-SEC-0330.
www.anadarko.com | NYSE: APC ANADARKO 3
FIRST QUARTER 2013
SALES VOLUMES First-quarter sales volumes were above the high end of guidance at a record of more than 71 million barrels of oil equivalent (BOE) or 793,000 BOE per day (BOE/d), an increase of 89,000 BOE/d over the 1st quarter of
2012. The company achieved liquids sales volumes of 345,000 barrels per day, about 74% of which were oil. These liquids sales volumes were driven by significant growth in the U.S. onshore, particularly in the Wattenberg, Eagleford Shale, East Texas HZ and Permian oil, as well as by strong oil production rates and an accelerated tanker at the Jubilee field in Ghana. Anadarko has increased its full-year 2013 sales-volumes guidance to a
range of 279 to 287 million BOE from the previous
range of 279 to 285 million BOE.
CAPITAL SPENDING Capital investments during the 1st quarter were below the
guidance range at approximately $1.4 billion, excluding capital investments associated with Western Gas Partners, LP (WES). Capital expenditure expectations for the full-year 2013 remain within the range of $7.2 to $7.6 billion,
excluding WES capital spending.
OVERVIEW
SALES VOLUMES
1Q13
MMBOE 1Q12
MMBOE
Rockies* 29 28
Southern & Appalachia* 21 16
Lower 48 50 44
Alaska 1 1
Gulf of Mexico 11 11
Total U.S. 62 56
International 9 8
Total Company 71 64
*Includes the impact of Ethane rejection
CAPITAL INVESTMENTS
1Q13 $MM
Rockies 462
Southern & Appalachia 308
Lower 48 770
Alaska 23
Gulf of Mexico 252
Total U.S. 1,045
International 220
Midstream* 388
Capitalized Items/Other 94
Total Company* 1,747
*Includes WES capital investments of $299 million
AVERAGE OPERATED RIG ACTIVITY
1Q13 4Q12
Rockies 17 18
Southern & Appalachia 25 24
Lower 48 42 42
Alaska 0 0
Gulf of Mexico 3 1
Total U.S. 45 43
International 5 6
Total Company 50 49
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FIRST QUARTER 2013 FOCUSED ON CONTINUOUS IMPROVEMENT
DRILLING EFFICIENCIES: In the Wattenberg field, the company reduced spud-to-rig-
release cycle times over the 4th quarter of 2012 to 10.8 days from 12.2 days. Cycle time improvements times were also achieved in the Marcellus field, with spud to rig
release reduced from 18.5 days to 16.5 days in the quarter.
COMPLETIONS EFFICIENCIES: Anadarko continues to leverage existing infrastructure and
new technologies to safely reduce the cost and cycle times associated with completing new wells. In the Wattenberg field, the company is now utilizing a water trunkline to deliver water for horizontal completion operations. During the 1st quarter, approximately 22,500 truck trips were eliminated in Wattenberg, helping reduce emissions and improve safety, while also reducing
costs through transportation savings.
LEASE OPERATING EXPENSE (LOE) IMPROVEMENTS: Since 2008, Anadarko has realized a 31% reduction in
its LOE/BOE.
2013 APC RECOGNITION
WORKPLACE DYNAMICS RANKED ANADARKO 3RD OVERALL AMONG THE NATION’S TOP WORKPLACES MARCELLUS Environmental Initiative of the Year and Health and Safety Initiative
of the Year from the Oil & Gas Awards recognized Anadarko’s contributions and efforts to enhance safety for its employees,
contractors and communities.
EAGLEFORD Anadarko won the 2012 Gulf Coast Oil & Gas Award for Corporate
Social Responsibility Initiative of the Year recognizing Anadarko’s partnership with community stakeholders from Dimmit and
LaSalle Counties in delivering Anadarko’s safety message.
EAST TEXAS Anadarko won the E&P Company of the Year award from the Gulf
Coast Oil & Gas Awards recognizing Anadarko’s “Innovative
growth through integrated teamwork.”
$5.02
$3.90 $3.54
$4.00 $3.65 $3.46
2008 2009 2010 2011 2012 1Q13
LOE/BOE
www.anadarko.com | NYSE: APC ANADARKO 5
FIRST QUARTER 2013
CAPITAL
INVESTMENTS AVERAGE
RIG ACTIVITY
1Q13
$MM
1Q13
Operated
4Q12
Operated
Greater Natural Buttes 87 4 4
Wattenberg 276 11 10
Pinedale / Jonah 13 0 0
Wamsutter 15 1 1
Powder River Basin 5 1 1
EOR 34 0 1
Other 32 0 1
Total 462 17 18
SALES VOLUMES**
1Q13 Oil
MBbl/d
1Q13 NGLs
MBbl/d
1Q13 Gas
MMcf/d
1Q12 Oil
MBbl/d
1Q12 NGLs
MBbl/d
1Q12 Gas
MMcf/d
Greater Natural Buttes 2 11 445 2 13 409
Wattenberg 44 18 306 26 16 232
Pinedale / Jonah 1 3 83 1 5 106
Wamsutter 2 8 108 2 10 74
Powder River Basin 2 0 272 1 0 396
EOR* 10 0 1 10 0 1
Other 1 5 108 2 5 103
Total 62 45 1,323 44 49 1,321
*Reflects Salt Creek Carried-Interest Arrangement **Reflects impact of Ethane Rejection
ROCKIES
RECORD SALES VOLUMES Anadarko’s Rockies assets delivered record sales volumes of approximately 327,400 BOE/d in the 1st quarter. These record sales volumes increased approximately 5% over the same period in 2012 and include a 38% increase in oil sales volumes. Many of the Rockies assets were in ethane rejection during the 1st quarter due to the
current pricing environment. The company averaged 17 rigs during the quarter and drilled a total of 128 wells, with the majority of the activity taking place in the liquids-rich Wattenberg field.
www.anadarko.com | NYSE: APC ANADARKO 6
FIRST QUARTER 2013
WATTENBERG: The Wattenberg field achieved another quarterly record,
delivering average net sales volumes of 113,100 BOE/d, representing 39% sequential growth over the 1st quarter of 2012. Exceptional results in the Wattenberg HZ drilling program resulted in a 45% increase in liquids sales volumes compared to the 1st quarter of
2012.
The company operated 11 horizontal rigs during the quarter, drilling a total of 73 horizontal wells. The company currently is producing more than 60,000 BOE/d gross from 231 operated horizontal wells and
generating rates of return in excess of 100%.
Anadarko continues to proactively pursue additional midstream and marketing solutions to enable continued Wattenberg production growth. Specifically, progress continues on the company’s 300 MMcf/d Lancaster cryogenic plant, as well as the Texas Express and Front Range NGL pipelines, all of which are expected to be in service by early 2014, which will provide additional
access to premium Gulf Coast markets.
POWDER RIVER OIL: Drilling activity continued during the quarter in the
Powder River Basin horizontal program, where multiple oil objectives are currently being tested across the company’s ~350,000 net-acre position. The company had one operated rig drilling horizontal wells in the
basin, with 13 horizontal wells producing.
GREATER NATURAL BUTTES: Gross sales volumes averaged approximately 561 million
cubic feet equivalent per day (MMcfe/d) for the quarter.
Anadarko ran four operated rigs and drilled 48 wells
during the quarter.
WAMSUTTER: Anadarko ran one operated rig and drilled 10 wells.
PINEDALE/JONAH: The company participated in drilling six non-operated
wells in the Pinedale field during the quarter.
Accelerating Value in a 1+ Billion-Barrel Resource Opportunity
ROCKIES
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www.anadarko.com | NYSE: APC ANADARKO 7
FIRST QUARTER 2013
During the 1st quarter, sales volumes in the Southern & Appalachia region averaged more than 237,000 BOE/d, a 36% increase over the 1st quarter of 2012 and an 8% increase over the 4th quarter of 2012. The increase was driven by the company’s focus on higher-margin, liquids-rich opportunities in the Eagleford Shale, Permian Basin and East Texas/Haynesville areas. Total liquids sales volumes for the region grew by nearly 18,000 Bbl/d, which is a 34% increase over the 1st quarter of 2012.
CAPITAL
INVESTMENTS AVERAGE
RIG ACTIVITY
1Q13
$MM
1Q13
Operated
4Q12
Operated
Permian 43 5 4
Marcellus 80 4 4
Eagleford 50 8 9
Bossier 3 0 0
East Texas/Haynesville 115 7 5
Hugoton 4 0 0
Ozona 0 0 0
Chalk 12 1 2
Other 1 0 0
Total 308 25 24
SALES VOLUMES
1Q13 Oil
MBbl/d
1Q13 NGLs
MBbl/d
1Q13 Gas
MMcf/d
1Q12 Oil
MBbl/d
1Q12 NGLs
MBbl/d
1Q12 Gas
MMcf/d
Permian 9 2 42 6 2 44
Marcellus 0 0 427 0 0 250
Eagleford 16 12 86 12 6 59
Bossier 0 0 87 0 0 94
East Texas/Haynesville 2 12 219 1 7 125
Hugoton 0 2 38 0 2 42
Ozona 0 2 23 0 3 27
Chalk 6 4 28 6 4 34
Other 2 1 54 2 1 59
Total 35 35 1,004 27 25 734
SOUTHERN & APPALACHIA
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FIRST QUARTER 2013
EAGLEFORD: Anadarko’s Eagleford Shale activity delivered net
sales volumes of 42,200 BOE/d in the quarter, representing a 55% increase over the 1st quarter of 2012. The company achieved total liquids volumes of approximately 28,000 barrels per day, a 60% overall increase, including a 42% percent oil increase over the
1st quarter of 2012.
The company ran an average of eight rigs and drilled
70 wells during the quarter.
Construction of the 200 MMcf/d Brasada cryogenic natural gas plant remains on schedule for a 2nd
quarter 2013 startup.
EAST TEXAS/HAYNESVILLE: The company’s net sales volumes for the quarter
were approximately 50,500 BOE/d, an increase of 73% over the 1st quarter of 2012. This increase was driven by a 69% increase in higher-margin liquids
sales volumes.
Anadarko achieved first production from 14 Haynesville horizontal wells and two Cotton Valley horizontal wells and ended the quarter with seven operated
rigs drilling.
PERMIAN: Anadarko’s average sales volumes for the quarter
were approximately 18,100 BOE/d net, representing
an increase of 18% over the 1st quarter of 2012. The growth includes a 40% increase in higher-margin oil sales volumes in the 1st quarter of 2013 compared
to the same period in 2012.
The company exited the quarter with five operated rigs
and three non-operated rigs drilling in the Permian.
The non-operated Bone Spring JV cryogenic gas plant (APC 33.33% WI) began operations during the 1st quarter. This plant is capable of processing up to
130 MMcf/d, gross.
SOUTHERN & APPALACHIA
Eagleford Shale, Texas
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FIRST QUARTER 2013
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PERMIAN
EAST TEXAS/HAYNESVILLE
EAGLEFORD
MARCELLUS
MARCELLUS: Anadarko’s sales volumes for the quarter averaged
427 MMcf/d, an increase of 71% over the 1st quarter of 2012. Gross operated and non-operated production ended the quarter producing approximately 1.7 billion cubic feet of natural gas per day (Bcf/d) from 510 wells. The company exited the quarter with operated
production of approximately 490 MMcf/d.
During the quarter, the company spud 21 wells using
four operated rigs and spud 19 non-operated wells.
The Marc I System, which receives gas from our non-operated Liberty gathering system, began operations during the 1st quarter. Current gross production through the Marc I System is 300 MMcf/d
(~60 MMcf/d net).
SOUTHERN & APPALACHIA
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FIRST QUARTER 2013 GULF OF MEXICO
RECORD ACTIVITY LEVEL The Gulf of Mexico region achieved sales volumes of more than 118,000 BOE/d during the quarter. The company increased its exploration, appraisal and development drilling activity, surpassing pre-moratorium levels. Four operated and two non-operated rigs are
currently active.
SALES VOLUMES
1Q13
Oil
MBbl/d
1Q13 NGLs
MBbl/d
1Q13 Gas
MMcf/d
1Q12 Oil
MBbl/d
1Q12 NGLs
MBbl/d
1Q12 Gas
MMcf/d
Total 50 8 362 53 6 360
*Includes the impact of weather-related downtime
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FIRST QUARTER 2013
PRODUCING PROPERTIES CAESAR/TONGA:
Green Canyon 683/726/727/770 (APC WI 33.75%) Anadarko finished drilling its fourth development
well in the field and encountered 256 net feet of oil pay in Miocene-aged sands. This well is expected to be completed and brought on line during the 2nd quarter of 2013.
INDEPENDENCE HUB: Independence Hub averaged approximately 278
MMcf/d of gross production (206 MMcf/d net) during the quarter, compared to 265 MMcf/d of gross production (191 MMcf/d net) during the 4th quarter
of 2012.
DEVELOPMENT LUCIUS:
Keathley Canyon 874/875/918/919 (APC WI 27.8%) During the quarter, Anadarko completed drilling an
appraisal well and a development well on the eastern flank of the structure. The appraisal well encountered 141 net feet of oil pay in the Pliocene objective, establishing the oil-water contact for the eastern flank as expected. The well also encountered 120 net feet of oil pay in Miocene sands. The well was then sidetracked as an up-dip producer and encountered 685 net feet of oil and gas pay in the Pliocene. Two additional development wells are scheduled to be drilled in 2013 before the rig will
begin completion activities in the field.
The Lucius truss spar recently began transportation to the Gulf of Mexico, with first production anticipated
in the second half of 2014.
APPRAISAL HEIDELBERG:
Green Canyon 859/860/903/904/948 (APC WI 31.5%) During the quarter, Anadarko announced an
agreement to transfer a 12.75% working interest in the field in exchange for an $860-million carry of Anadarko’s future capital investment in the project, which represents nearly all of its expected capital requirement through first production. The transaction closed during the 2nd
quarter and is effective as of April 1, 2013.
Anadarko began fabricating the spar hull for the field, which will be an 80,000 BOPD Lucius look-a-like facility, and is expected to be on line in 2016. When
planning the facility, the company leveraged the Lucius design and construction crews, enabling Anadarko to accelerate first production by almost
18 months.
SHENANDOAH:
Walker Ridge 51/52 (APC WI 30%) The Shenandoah-2 well encountered more than
1,000 net feet of oil pay in multiple high-quality Lower Tertiary reservoirs. Similar to the initial Shenandoah discovery well, log and pressure data from the Shenandoah-2 well indicated excellent-quality reservoir and fluid properties. The targeted sands were full to base with no oil-water contact. The company appraised the down-dip extent of the Shenandoah discovery, where more than 300 net feet of high-quality oil was encountered in the discovery well. The appraisal well was approximately 1,700 feet down-dip and more than 1 mile southwest of the original discovery well. Anadarko is the operator of the Shenandoah discovery with a 30% working interest. Anadarko plans further appraisal activity later in
2013.
VITO:
Mississippi Canyon 984/940 (APC WI 18.67%) The operator continues to evaluate development
options for this 300 million-plus BOE project. The operator drilled a successful appraisal well to test Miocene objectives approximately one mile west and 2,000 feet up-dip of the original discovery well and found approximately 300 net
feet of oil pay.
GULF OF MEXICO
Lucius Truss Spar
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FIRST QUARTER 2013
EXPLORATION CORONADO AND YUCATAN:
Walker Ridge 143/95 (APC WI 15%) During the quarter, the Coronado discovery
encountered more than 400 net feet of oil pay in high-quality, Lower Tertiary reservoirs, approximately 9 miles east of the Anadarko-operated Shenandoah discovery. Anadarko holds a 15-percent working
interest in the Coronado discovery.
Drilling continues at the Yucatan prospect, where Anadarko holds a 15% working interest. Yucatan is
located approximately 3 miles south and syncline-separated from the Anadarko-operated Shenandoah discovery. The well is testing Lower Tertiary reservoirs in a trap similar to the nearby Shenandoah and
Coronado discoveries.
PHOBOS:
Sigsbee Escarpment 39 (APC WI 30%) Early in the 2nd quarter, the company announced
that Phobos encountered approximately 250 net feet of high-quality oil pay in Lower Tertiary-aged reservoirs. Phobos tested a large, multi-block, four-way closure approximately 11 miles south of the Lucius
field. This is the first well to be drilled in the Sigsbee Escarpment area of the Gulf of Mexico, and Anadarko’s interest was carried as a result of two separate farm-
out agreements.
RAPTOR:
DeSoto Canyon 535 (APC WI 50%) The company is currently drilling a 25,000-foot
Jurassic-Norphlet test in 8,200 feet of water. The prospect is a large, multi-block, four-way closure and is the company’s first test of the Norphlet play in the
eastern Gulf of Mexico.
GULF OF MEXICO
www.anadarko.com | NYSE: APC ANADARKO 13
FIRST QUARTER 2013 INTERNATIONAL & FRONTIER
WORLDWIDE EXPLORATION & DEVELOPMENT In 2013, Anadarko continued an active, worldwide exploration program along with continued advancement of existing mega projects. At El Merk in Algeria, the company achieved first oil production during the quarter, with additional ramp-up planned throughout the year. In Mozambique, Anadarko continues to advance its LNG development, and has received reserves certification for the initial planned APC-operated liquefaction trains. Subsequent to quarter end, the company announced the Orca discovery, a Paleocene prospect just west of
the Prosperidade field.
SALES VOLUMES CAPITAL
INVESTMENTS
1Q13
Oil
MBbl/d
1Q12
Oil
MBbl/d
1Q13
$MM
Alaska 12 14 23
Algeria* 53 50 22
Brazil 0 0 36
China* 15 14 10
Ghana/W. Africa* 30 19 53
Mozambique 0 0 68
Other 0 0 31
Total 110 97 243
*Quarterly sales volumes are influenced by size, timing and scheduling of tanker liftings.
Jubilee FPSO, Ghana
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FIRST QUARTER 2013
DEVELOPMENT ALASKA: Gross production from the Colville River Unit averaged
approximately 65,400 BOPD during the 1st quarter.
ALGERIA: At El Merk, the partnership achieved first production
from the first of three planned facilities. Oil sales volumes are expected to increase steadily throughout 2013 as two additional production
facilities and three other fields are brought on line.
During the quarter, gross production from the Hassi Berkine South and Ourhoud central processing facilities averaged approximately 299,000 BOPD. Production increased from the prior quarter due to completion of planned maintenance at the HBNS
and Ourhoud facilities.
CHINA: Effective Jan. 1, 2013, the Chinese National Offshore
Oil Corporation (CNOOC) assumed the role of operator
of the Bohai Bay asset.
Gross production for the quarter averaged 32,200 BOPD. The field is expected to average 30,000 to 35,000 BOPD during 2013 due to planned maintenance activity. The operator is currently running one rig and expects to maintain an active
development drilling program throughout the year.
GHANA: During the 1st quarter, Jubilee field gross production
averaged well in excess of 100,000 BOPD. Plans are under way to expand gas handling capacity at the production facility, which along with additional wells and acid stimulations, are expected to allow for
increased oil volumes throughput in late 2013.
The partnership continues to advance the TEN (Tweneboa, Enyenra and Ntomme complex) plan of development toward sanction with the Government
of Ghana.
MOZAMBIQUE:
Offshore Area 1 (APC WI 36.5%, operator) During the quarter, Anadarko achieved third-party
reserves certification sufficient to supply the first planned liquefaction trains associated with the
Anadarko-operated Prosperidade complex.
INTERNATIONAL FRONTIER
El Merk Production Facility, Algeria
www.anadarko.com | NYSE: APC ANADARKO 15
FIRST QUARTER 2013
EXPLORATION GHANA:
Deepwater Tano (APC WI 18%) The Enyenra-6 appraisal well was successfully
drilled approximately 2 miles south of the Enyenra-4 appraisal well and will be utilized in the future
development.
The Sapele exploration well was found to be water-bearing during the 1st quarter. Appraisal work
on the Wawa discovery is planned for 2013.
MOZAMBIQUE:
Offshore Area 1 (APC WI 36.5%, operator) Subsequent to quarter close, the Orca exploration
well reached total depth. The well encountered approximately 190 net feet of natural gas pay in a single Paleocene sand reservoir. Additional appraisal
wells are planned for later in 2013.
The Tubarão-2 well encountered thick, well-developed sand, but was water-bearing. Pressure data obtained in the well allowed for the identification of a gas-water contact for the field, and will be used to help size the discovery and optimize the development
plan.
CÔTE D’IVOIRE:
Block CI-103 (APC WI 45%) The Calao exploration well commenced drilling
early in the 2nd quarter and will test fan systems
adjacent to the Paon discovery.
The Paon appraisal plan is under evaluation with an appraisal well planned for later in 2013. The first appraisal well will test the down-dip extent of the discovery interval, as well as several exploration
targets.
BRAZIL:
Block BM-C-30 (APC WI 30%, operator), BM-C-32 (APC WI 33%) On BM-C-32, a drillstem test was completed at the
Itaipu-1 discovery well. The well flowed at rates up to
5,600 BOPD.
KENYA:
Blocks L-5,L-7,L-11A,L-11B,L-12 (APC WI 45%, operator) The company is currently drilling the Kiboko prospect
in Block L-11B. Early in the 2nd quarter, Anadarko announced the Kubwa well in Block L-7 encountered
non-commercial oil shows in reservoir-quality sands.
