HOUSTON -
Oil and gas exploration company Anadarko Petroleum Corp. said Wednesday it made a second oil discovery off the coast of Ghana.
Anadarko and its partners drilled down 13,130 feet in a well, called Hyedua-1, on its Deepwater Tano license, reaching 130 feet of potential petroleum reserves. In June the company announced the discovery well Mahogany-1 about 3.3 miles away.
"The two discoveries indicate the presence of a large structure ... with a combined gross hydrocarbon column of nearly 1,200 feet," said Bob Daniels, Anadarko's senior vice president of worldwide exploration.
The find should provide a share-price catalyst, said JPMorgan analyst Joseph Allman, in a note on Wednesday morning.
"We do not think the market was giving (Anadarko) significant credit for the initial discovery well, so we believe the stock should respond positively today," he wrote.
Anadarko shares gained 87 cents at $49.06 in morning trading.
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