HOUSTON, Jan. 11 /PRNewswire-FirstCall/ -- Apache Corporation (NYSE,
Nasdaq: APA) today announced that its Alexandrite 1X well discovered
natural gas and condensate from a recompletion in the Alam El Bueib 6 (AEB
6) formation on Apache's Matruh Concession in the Western Desert of Egypt.
The well tested 19.8 million cubic feet of gas and 4,045 barrels of
condensate per day -- establishing the first commercial production from the
AEB 6 formation on the concession. The Alexandrite 1X is expected to
commence production from the formation within the next week.
The nearest AEB 6 production is in Apache's Emerald field,
approximately 30 kilometers (20 miles) east of the Alexandrite 1X, which
was drilled in 2003 to a depth of 15,300 feet. The Alexandrite 1X initially
was completed in the Jurassic Upper Safa formation, producing a total of 3
billion cubic feet of gas and 514,000 barrels of condensate since November
2003.
Apache tested 37 feet of net pay in two AEB 6 segments between 12,112
feet and 12,198 feet. The test was conducted with 1,650 pounds per square
inch of flowing wellhead pressure on a one-inch choke.
Apache is planning additional drilling for Jurassic and AEB targets in
the Alexandrite 1X area in 2007.
Apache Corporation discovers and produces oil and natural gas in the
United States, Canada, the United Kingdom sector of the North Sea, Egypt,
Australia and Argentina. The energy resources produced by Apache contribute
to improved living standards in the interests of long-term investors
seeking share appreciation.
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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