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Article: Murphy Oil Provides Drilling Update and First Quarter Earnings Guidance.
- Article from:
- Business Wire
- Article date:
- April 13, 2005
CopyrightCOPYRIGHT 2005 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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EL DORADO, Ark. -- Murphy Oil Corporation (NYSE:MUR) announces successful appraisal wells at its Kakap discovery in Malaysia and its Thunder Hawk discovery in the Gulf of Mexico and dry holes at Jangas and Makalu. Murphy also expects net income for the first quarter of 2005 to be between $1.10 and $1.15 per diluted share.
DRILLLING UPDATE
In Block K offshore Sabah, Malaysia, the Kakap #2 appraisal well encountered significant oil pay in three reservoirs. Subsequent drill stem testing of one zone flowed high quality crude oil at 5,580 barrels of oil per day on a 40/64 inch choke with a gas/oil ratio of 940. The Kakap #2 well was drilled 948 feet downdip ...