Anadarko to Invest in Colorado, Ghana Find May be Bigger
Anadarko Petroleum’s (NYSE:APC) stock had been pretty steady for the past few days before prices slumped on concerns over the future direction of oil prices as the European crisis seemed to expand. Anadarko however had a good week coming to operations as it announced new exploration opportunities in the Niobrara oil field in Colorado and news came in that the Teak prospect in Ghana may be larger than expected. [1] [2] We have a $88 price estimate for Anadarko which is at a 16% premium to its current market price.
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Colorado potential
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Anadarko said earlier this week that it would boost its investments in Colorado after estimating that the Niobrara oil field in the state could hold as much as 1.5 billion barrels of oil after drilling 11 horizontal wells in the region. [1]
U.S. onshore production is one of the main areas of interest for the company which specializes in unconventional exploration. Internationally, Anadarko received a boost from an announcement from fellow U.S. explorer Kosmos Energy that its Teak prospect in Ghana’s offshore Jubilee fields may be larger than earlier estimated. [2] Anadarko is one of the main investors in the West Cape 3 points block in which the Teak prospect is located.
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Notes:- Anadarko expects to boost investment in Colorado, Business Journal [↩] [↩]
- Kosmos Oil Discovery in Ghana Extends Farther Than Thought, Bloomberg [↩] [↩]