ConocoPhillips (NYSE:COP) has discovered another oil play in the Gulf of Mexico. The company announced that one of its exploration wells, the Coronado, had found roughly 400 feet of net pay. This occurred after the well drilled to a depth of nearly 32,000 feet.
The Coronado is situated around 190 miles off the coast of Louisiana. It is also roughly 12 miles distant from the Shenandoah, another well that was responsible for the firm's previous discovery. This find, announced on March 19, comprises approximately 1,000 feet of net pay in what ConocoPhillips described as "high-quality Lower Tertiary-aged reservoirs."
The company has a 30% stake in the Shenandoah well.