Murphy Oil has reported the results of its recent drilling campaign in the Mer Profonde Sud permit, Republic of Congo.
The Cobalt Marine #1 exploration well and the Turquoise Marine #3 well both failed to find commercial quantities of hydrocarbons.
The Turquoise Marine #4 did find well developed deeper reservoirs with a minor accumulation of oil.
All three wells were operated by Murphy West Africa at a 58.82% working interest and were plugged and abandoned.
The total net cost of the program is estimated at $36m and will be expensed in the fourth quarter of 2010.
Murphy president and CEO David Wood said that the company’s aim with this three well program was to delineate the area around the Turquoise Marine #1 oil discovery and prove up standalone volumes.
"We continue to evaluate our exploration program in Republic of the Congo and are pleased to be nearing final conclusion on improved fiscal terms."