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SAN RAMON, Calif.–(BUSINESS WIRE)–Chevron Corporation (NYSE:CVX) today announced the successful appraisal of the Anchor discovery in the Lower Tertiary Wilcox Trend.

“After the success of the discovery well announced earlier this year, we have pursued appraisal work to further evaluate the results and assess development alternatives to optimize value creation”

“The positive results of our appraisal work at Anchor indicate a significant discovery of potentially hub class scale,” said Jay Johnson, executive vice president Upstream, Chevron Corporation.

The original Anchor discovery well, located in Green Canyon Block 807, approximately 140 miles (225 km) off the coast of Louisiana in 5,180 feet of water (1,579 m), was drilled in late 2014 to a depth of 33,750 feet (10,287 m) and it encountered 690 feet (210 m) of net oil pay.

Appraisal drilling began in June 2015 and recently found 694 feet (211 m) of net oil pay. To date, Chevron has confirmed a hydrocarbon column of at least 1,800 feet (549 m) in the Lower Tertiary Wilcox reservoirs at Anchor. Complete appraisal of the field will require further delineation wells and technical studies.

“After the success of the discovery well announced earlier this year, we have pursued appraisal work to further evaluate the results and assess development alternatives to optimize value creation,” Jeff Shellebarger, President, Chevron North America Exploration and Production Company added.

Chevron subsidiary Chevron U.S.A. Inc. is the operator of the Anchor Prospect, with a 55 percent working interest. Anchor co-owners are Cobalt International Energy, L.P. (20 percent), Samson Offshore Anchor, LLC (12.5 percent), and Venari Resources LLC (12.5 percent).

Chevron Corporation is one of the world’s leading integrated energy companies. Through its subsidiaries that conduct business worldwide, the company is involved in virtually every facet of the energy industry. Chevron explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and lubricants; manufactures and sells petrochemical products; generates power and produces geothermal energy; and develops the energy resources of the future, including biofuels. Chevron is based in San Ramon, Calif. More information about Chevron is available at www.chevron.com.