Anadarko Announces Oil Discovery Offshore Ghana

Anadarko Petroleum Corporation has announced an oil discovery at the Mahogany-1 exploration well on the deepwater West Cape Three Points Block offshore the Republic of Ghana. The well, which is located in a water depth of 4,330 feet, has encountered a gross hydrocarbon column of approximately 885 feet with 312 feet of net stacked pay in a Cretaceous sandstone reservoir.
To date, the well has been drilled to a depth of approximately 12,083 feet and is planned to reach a total depth of 13,780 feet. Once the well reaches target depth, it will be suspended pending further evaluation and appraisal drilling.
Anadarko is the technical operator of the well with a 30.875% interest. Kosmos Energy is the block operator and holds a 30.875% interest. Other partners include Tullow Ghana Limited, an affiliate of Tullow Oil plc, with a 22.896% interest and Sabre Oil and Gas Limited with a 1.854% interest in the block. The E.O. Group, a Ghanaian oil and gas company, holds a 3.5% interest in the block. The Ghana National Petroleum Corporation will be carried through the exploration and development phases with a 10% participating interest.
"We are encouraged by the results of the Mahogany-1 well, and we look forward to continued cooperation with the Republic of Ghana as we work with our partners to appraise this discovery," said Bob Daniels, Anadarko's Senior Vice President, Worldwide Exploration. "This is an exciting start to our 2007 exploration program offshore West Africa, which includes two additional deepwater exploration wells this year - one offshore the Republic of Benin and one offshore Nigeria."
The Mahogany-1 well was drilled using the "Belford Dolphin" deepwater drillship, which is under long-term contract to Anadarko. Once the "Belford Dolphin" completes drilling operations on the Mahogany-1 well, Anadarko will move it to drill the Sota-1 well in Block 4 offshore Benin, in which it holds a 40% interest and is also the operator. The drillship stopped in West Africa to drill the Mahogany-1 and Sota-1 exploration wells before it moves to the Gulf of Mexico to drill additional tests in Anadarko's 2007 exploration program.
Anadarko Petroleum Corporation's mission is to deliver a competitive and sustainable rate of return to shareholders by exploring for, acquiring and developing oil and natural gas resources vital to the world's health and welfare. As of year-end 2006, the company had 3.0 billion barrels-equivalent of proved reserves, making it one of the world's largest independent exploration and production companies. For more information about Anadarko, please visit www.anadarko.com.
This news release 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. Anadarko believes that its expectations are based on reasonable assumptions. No assurance, however, 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 news release, including our ability to successfully drill, complete and produce the wells described in this release. See "Risk Factors" in the company's 2006 Annual Report on Form 10-K and other public filings and press releases. Anadarko undertakes no obligation to publicly update or revise any forward-looking statements.

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