Anadarko Petroleum has applied to form a unit at its Jacob’s Ladder prospect on the North Slope. The 37,982-acre unit area lies south of existing production on the North Slope, and is almost due south of the Duck Island unit (Endicott) and southeast of Prudhoe Bay. <p>
Anadarko said in its July 21 application to the Alaska Department of Natural Resources that it holds 100 percent working interest ownership in the 18 state oil and gas leases proposed for inclusion in the unit. <p>
Anadarko told the state it “will endeavor to secure a three-party partnership” for the unit prior to June 1, 2006, and will notify the state of its 2007 exploration program by June 1, 2006. <p>
Anadarko said “if” the working interest owners decide to drill an exploratory well in the unit by June 15, 2006, they would complete operations by June 1, 2007. If the well is not drilled, they would pay the state a cash penalty of $275,000. <p>