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To: Dennis Roth who wrote (159213)	11/9/2011 3:33:56 PM
From: Dennis Roth	2 Recommendations Read Replies (1) \| Respond to of 206184

Anadarko Petroleum Corp (APC) Alert: Itaipu Appraisal Success Offshore Brazil Announced 9 November 2011 ¦ 8 pages citigroupgeo.com Itaipu Appraisal – Anadarko today announced another major success offshore Brazil with its Itaipu-2 (APC 33.3% WI) appraisal well encountering ~58 net feet of pay in high-quality reservoir. Although the company hasn’t released any data on reserves, we believe this appraisal well pushes the reserves potential of Itaipu to 500MMBOE+ (net to Anadarko ~7% of YE 2010 proved reserves). Moreover, we believe Itaipu development could be further accelerated through a joint development with the adjacent and currently producing Jubarte field operated by Petrobras, if there is reservoir connectivity.