HOUSTON, Jan. 9 /PRNewswire-FirstCall/ -- Apache Corporation (NYSE,
Nasdaq: APA) today announced the following wells in the Western Desert of
Egypt which have been completed or are in the process of being tested and
should establish new reserves and production for Egypt and Apache's
shareholders:
* Apache's Qasr 34, the latest Jurassic Lower Safa appraisal well on the
far northwest extent of the Qasr field, tested at 18.4 million cubic
feet (MMcf) of gas and 725 barrels of condensate per day. The well,
drilled to a total depth of 14,000 feet, successfully extends the Qasr
field 2.5 kilometers (1.6 miles) to the northwest, adding 2,200 acres
to the field. Wireline logs indicate 96 feet of net pay in the upper
sand of the Lower Safa between 13,328 feet and 13,442 feet. A total of
72 feet of Lower Safa pay between 13,328 feet and 13,400 feet was
tested on a 3/4-inch choke with 2,000 pounds per square inch (psi) of
wellhead pressure.
* The Qasr 36 well, a new Alam El Bueib (AEB) discovery in the Qasr
field, flowed 2,945 barrels of oil and 2.1 MMcf of gas per day on test
from the AEB 3D sand. The Qasr 36 was drilled to 12,424 feet in the
AEB 3G sands and targeted the AEB 3D and 3E sands. Log analysis
showed 58 feet of net pay in the AEB 3D and 3E sands.
* The Hathor Deep 1X on the Khalda Offset Concession discovered gas in
the AEB 6 formation and oil in the AEB 3D. The well tested 12 MMcf of
gas and 1,237 barrels of oil per day respectively from the two
separate formations. The Egyptian General Petroleum Corporation (EGPC)
has approved Apache's plan of development. Surface equipment has been
installed and production will commence upon approval by the Minister
of Petroleum.
* The Qasr 40 logged 60 feet of net oil pay in the AEB 3E sands, plus
secondary pay intervals in the AEB 3A and 3C. The new well is a step-
out northwest from the Qasr 31, which currently produces 2,005 barrels
per day.
* The Kenz 35 well, drilled 1 kilometer (0.7 miles) northwest of the
nearest producing well in the Kenz field on the Khalda Ridge, logged
140 feet of AEB net pay as well as 18 feet of net pay in the Upper
Bahariya. The well will be completed in the AEB 3E formation as a gas
and condensate producer.
Apache Corporation is a discoverer and producer of oil and gas energy
resources that contribute to improved living standards while serving the
interests of long-term investors seeking share appreciation.
For additional information about recent developments in Apache's
Egyptian operations, please go to http://www.apachecorp.com .
This release contains certain "forward-looking statements" as defined
by the Private Securities Litigation Reform Act of 1995, including, without
limitation, expectations, beliefs, plans and objectives regarding reserves,
future production, and marketing plans. Among the important factors that
could cause actual results to differ materially from those indicated by
such forward-looking statements are future exploration and development
results, availability of needed equipment and personnel, completion of
required infrastructure, and the political situation in the Middle East.
There is no assurance that Apache's expectations will be realized, and
actual results may differ materially from those expressed in the
forward-looking statements.
APA-EG
SOURCE Apache Corporation
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CONTACT:
media, Tony Lentini, +1-713-296-6227, or Bill
Mintz, +1-713-296-7276, or investors, Robert Dye,
+1-713-296-6662, or David Higgins, +1-713-296-6690, all of Apache
Corporation
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