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Murphy Oil Reports Offshore Oil Discovery in Cote d'Ivoire, With Plans for Another Well

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Murphy Oil (MUR) has discovered oil at the Bubale-1X exploration well in Block CI-709, 40 miles offshore Cote d'Ivoire, it said on Monday.

The well was drilled to a total depth of 20,548 feet in water depths of 7,795 feet before encountering 100 feet of net oil pay across two reservoir intervals, with preliminary analysis indicating the presence of high-quality light oil.

Murphy said the discovery reinforces the prospects of its acreage position in the West African country, adding that it supports its strategy of pursuing targeted exploration opportunities in the region.

This marked the third and final well in Murphy's current three-well exploration campaign in the country, with plans for an additional well in the second half of 2026.

Murphy holds a 90% working interest in the block, while Cote d'Ivoire's state-owned oil company, Petroci, owns the remaining 10%.

"We are pleased with the results to date, which underscore the value of a disciplined and consistent exploration approach," the company's President and CEO, Eric Hambly, said.

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