Murphy Comes Up Dry In The Congo

Murphy Oil has plugged and abandoned an unsuccessful offshore well located in the Mer Profonde Nord (MPN) permit in Congo Brazaville.

The company estimates a cost of about $48MM on the drilling of Opale Marine – 1 well in the MPN Block, which will be accounted in its 4th quarter 2012 report. Murphy will also take a non-cash charge of $29MM in the quarter to write off the Titane Marine -1 well which was drilled in October 2010 and was suspended pending results of additional exploratory drilling on the block.



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