MURPHY OIL CORPORATION AND PARTNERS ANNOUNCE AWARD OF DEEPWATER EXPLORATION BLOCK IN MEXICO
December 05 2016 - 4:30PM
EL DORADO, Arkansas, December 5,
2016 - Murphy Oil Corporation (NYSE: MUR) today announced that a
joint venture ("JV") led by its Mexican subsidiary, Murphy Sur, S.
de R.L. de C.V., was the high bidder and is expected to be awarded
Block 5 during Mexico's fourth phase, round one deepwater auction.
Under the terms of the JV, Murphy will be the operator with a 30
percent working interest ("WI"), together with PC CARIGALI MEXICO
OPERATIONS, S.A. DE C.V., a wholly-owned subsidiary of PETRONAS
(23.34 percent WI), Ophir Energy (23.33 percent WI) and Sierra
Offshore Exploration (23.33 percent
WI).
Block 5 is located in the
deepwater Salinas basin covering approximately 2,600 square
kilometers (1,000 square miles), and water depths in this block
range from 700 to 1,100 meters (2,300 to 3,600 feet). The initial
exploration period for the license is four years and includes a
work program commitment of one well.
Additional information about
Murphy can be found at http://www.murphyoilcorp.com
Additional information about
PETRONAS can be found at http://www.petronas.com
Additional information about
Sierra can be found at http://www.sierraoilandgas.com.mx
Additional information about Ophir
can be found at https://www.ophir-energy.com/
FORWARD-LOOKING
STATEMENTS
This news release
contains forward-looking statements as defined in the Private
Securities Litigation Reform Act of 1995. Words such as "targets",
"expectations", "plans", "forecasts", "projections" and other
comparable terminology often identify forward-looking statements.
These statements, which express management's current views
concerning future events or results are
subject to inherent risks and uncertainties. Factors that could
cause one or more of these forecasted events not to occur include,
but are not limited to, a failure to obtain necessary regulatory
approvals, a deterioration in the business or prospects of Murphy,
adverse developments in Murphy business' markets, adverse
developments in the U.S. or global capital markets, credit markets
or economies in general. Factors that could cause actual results to
differ materially from those expressed or implied in our
forward-looking statements include, but are not limited to, the
volatility and level of crude oil and natural gas prices, the level
and success rate of our exploration programs, our ability to
maintain production rates and replace reserves, customer demand for
our products, adverse foreign exchange movements, political and
regulatory instability, and uncontrollable natural hazards. For
further discussion of risk factors, see Murphy's 2015 Annual Report
on Form 10-K, on file with the U.S. Securities and Exchange
Commission. Murphy undertakes no duty to publicly update or revise
any forward-looking statements.
Investor
Contacts:
Kelly Whitley,
kelly_whitley@murphyoilcorp.com, 281-675-9107
Nancy Perkins,
nancy_perkins@murphyoilcorp.com, 281-675-9252
Emily McElroy,
emily_mcelroy@murphyoilcorp.com, 870-864-6324
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Murphy Oil Corp via Globenewswire
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