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ConocoPhillips Announces Second Oil Discovery Offshore Senegal

Business Wire
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ConocoPhillips (NYSE:COP) today confirmed that oil was discovered in the SNE-1 well, the second of ConocoPhillips’ two-well program, located approximately 60 miles offshore Senegal in the Sangomar Deep block. After further evaluation of this zone, the SNE-1 well will continue drilling to a planned total depth of approximately 10,000 feet.

ConocoPhillips, headquartered in Houston, Texas. (Photo: Business Wire)

ConocoPhillips, headquartered in Houston, Texas. (Photo: Business Wire)

“The initial positive results at SNE-1 follow our recent announcement that oil was discovered in the FAN-1 well offshore Senegal,” said Larry Archibald, senior vice president, Exploration. “We are encouraged by the presence of a working petroleum system in this frontier basin and are now evaluating further work to enhance our understanding of the two plays.”

Cairn Energy PLC is the operator and holds a 40-percent working interest in the SNE-1 well. ConocoPhillips holds a 35-percent working interest in the well, while FAR Limited and Petrosen hold 15- and 10-percent interest, respectively. ConocoPhillips has the option to become operator of the project if it advances to development.

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About ConocoPhillips

ConocoPhillips is the world’s largest independent E&P company based on production and proved reserves. Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 27 countries, $55 billion in annualized revenue, $119 billion of total assets, and approximately 19,000 employees as of Sept. 30, 2014. Production from continuing operations, excluding Libya, averaged 1,520 MBOED for the nine months ended Sept. 30, 2014, and proved reserves were 8.9 billion BOE as of Dec. 31, 2013. For more information, go to www.conocophillips.com.

CAUTIONARY STATEMENT FOR THE PURPOSES OF THE “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This news release contains forward-looking statements. Forward-looking statements relate to future events and anticipated results of operations, business strategies, and other aspects of our operations or operating results. In many cases you can identify forward-looking statements by terminology such as “anticipate,” “estimate,” “believe,” “continue,” “could,” “intend,” “may,” “plan,” “potential,” “predict,” “should,” “will,” “expect,” “objective,” “projection,” “forecast,” “goal,” “guidance,” “outlook,” “effort,” “target” and other similar words. However, the absence of these words does not mean that the statements are not forward-looking. Where, in any forward-looking statement, the company expresses an expectation or belief as to future results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, there can be no assurance that such expectation or belief will result or be achieved. The actual results of operations can and will be affected by a variety of risks and other matters including, but not limited to, changes in commodity prices; changes in expected levels of oil and gas reserves or production; operating hazards, drilling risks, unsuccessful exploratory activities; difficulties in developing new products and manufacturing processes; unexpected cost increases; international monetary conditions; potential liability for remedial actions under existing or future environmental regulations; potential liability resulting from pending or future litigation; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets; and general domestic and international economic and political conditions; as well as changes in tax, environmental and other laws applicable to our business. Other factors that could cause actual results to differ materially from those described in the forward-looking statements include other economic, business, competitive and/or regulatory factors affecting our business generally as set forth in our filings with the Securities and Exchange Commission. Unless legally required, ConocoPhillips undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

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