Murphy Oil Corporation has plugged and abandoned three wells, one in the Gulf of Mexico and two in the Perth Basin, offshore Australia.
According to Murphy, in the Gulf of Mexico, the Urca well in Mississippi Canyon Block 697 failed to encounter hydrocarbons and has been plugged and abandoned.
The company says it will take a U.S. dry hole expense of approximately $47 million in the first quarter of 2015 for Urca.
Additionally, Murphy has finished two of the three wells in its Perth Basin drilling program offshore Western Australia.
The two wells, Koel and Cisticola, both located in Block WA-481-P, were unsuccessful and have been plugged and abandoned. The company will take a dry hole expense of approximately $23 million in the first quarter of 2015 for these two wells.
Murphy is currently drilling the third well at the Munia prospect in the Perth Basin. According to the company, this well will be finished in April. Depending on the outcome, the cost attributed to this well in the first quarter of 2015 is expected to be approximately $9 million.