A deepwater exploration well in the Gila prospect in the Gulf of Mexico looks like a success for ConocoPhillips. The company announced the discovery on Wednesday, and said that it will continue drilling to determine its complete size.
The new discovery was made at a depth of 29,221 feet under 4,900 feet of water. The field is approximately 300 miles southwest of New Orleans, and COP holds a 20 percent working interest in the well, which is operated by BP (NYSE: BP)
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