Anadarko's Gulf of Mexico well latest in huge finds -analysts

Wed Mar 20, 2013 3:41pm EDT
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* Shenandoah field could be double or triple previous estimates

* Find latest in string of potentially huge fields

* Company aims to continue appraisals

* Anadarko shares add 3.8 pct

By Kristen Hays

HOUSTON, March 20 (Reuters) - Analysts lauded Anadarko Petroleum Corp's latest well results in its Shenandoah field in the Gulf of Mexico on Wednesday, calling it a potentially huge find among a string of big discoveries that illustrate the prolific basin's importance to U.S. crude output.

Results of Anadarko's Shenandoah-2 appraisal well, which tested how much oil could be in the field, showed the reservoir could be two or three times bigger - or more - than the company's estimate of more than 300 million barrels of oil, analysts said.

Pressure and log data from the well also show Anadarko could potentially recover a higher percentage of oil from the Shenandoah field than in other areas of the vast Lower Tertiary trend, the Gulf's deepest, most challenging and most promising play, estimated to hold up to 15 billion barrels of oil.

"The deepwater Gulf of Mexico is witnessing an astonishing run of discoveries and hydrocarbon augmentation," Simmons & Co International said in a note to investors on Wednesday.   Continued...