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Murphy Oil finds natural gas in Malaysia Tuesday, Jan 30, 2007 By Jason Wiest Arkansas News Bureau LITTLE ROCK - Murphy Oil Corp. has made a significant natural gas discovery off the coast of Malaysia, the El Dorado crude oil and natural gas company announced Monday. Estimates are the Block H discovery could be as large as one trillion cubic feet, Murphy spokesman Dory Stiles said. "We feel like from what we've seen, we're probably in line with our pre-drill target but we need to go back there and look at this other (undrilled) portion of the structure," Stiles said. "We have some additional prospects on this block that we're interested in looking at in the future," he added. The company will not pursue drilling opportunities there until later this year because the rig used to drill the well is in use elsewhere, Stiles said. In the meantime, the company will work to build infrastructure in the area, he said. Murphy Oil has an 80 percent working interest in Block H, located offshore Sabah, Malaysia, which is on the island of Borneo. As operator, Murphy will bear final responsibility for all operational decisions. The discovery came after the fourth well was drilled in Block H, which Murphy Oil has been exploring since 1999. The well reached a total depth of 7,024 feet and was drilled in 3,773 feet of water. Murphy shares (NYSE: MUR) closed Monday at $48.16, up 16 cents. |
