Murphy Oil announces oil discovery offshore Côte d'Ivoire

Murphy Oil Corporation (NYSE: MUR) announced an oil discovery at the Bubale-1X exploration well in Block CI-709, located approximately 40 miles offshore Côte d'Ivoire.

The well was drilled to a total depth of 20,548 feet in 7,795 feet of water, encountering 100 feet of net oil pay across two reservoirs. A preliminary assessment indicated high-quality light oil.

The Bubale-1X well was spud in late February 2026 and is the third and final well in Murphy's three-well exploration campaign in Côte d'Ivoire. Murphy CI-709 Oil Co., Ltd., a subsidiary of Murphy Oil, operates Block CI-709. Murphy holds a 90% working interest in the block, with Société Nationale d'Opérations Pétrolières de la Côte d'Ivoire (PETROCI) holding the remaining 10%.

Eric Hambly, President and Chief Executive Officer, said: "Early results at Bubale reinforce the prospectivity of our Côte d'Ivoire acreage. Our immediate focus now is advancing evaluation plans to define the discovery's full potential."

Murphy said it plans to move into an evaluation phase, with one well planned for the second half of 2026 to test the extent of the discovery.

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