NEW ORLEANS, April 3 /PRNewswire-FirstCall/ -- Apache Corporation
(NYSE, Nasdaq: APA) announced that the Jade-1X well has discovered natural
gas on the company's Matruh Concession in Egypt's Western Desert. Speaking
at the Howard Weil energy conference here today, Apache CEO, President and
Chief Operating Officer G. Steven Farris said the well tested 25.6 million
cubic feet (MMcf) of gas per day from the Jurassic Upper Safa member of the
Khatatba formation.
"Jade-1X is an important discovery for Apache in that it extends the
known productive limits of the Jurassic gas fairway almost 12 miles
southwest of existing Jurassic production," Farris said. "This discovery
also suggests significant reserve potential exists in multiple Alam El
Bueib (AEB) reservoir objectives. We plan five additional Jurassic and two
AEB exploratory wells on the concession this year."
The company operates the Matruh Concession with a 100 percent
contractor interest. The concession comprises more than a quarter-million
acres.
The Jade-1X logged a total 65 feet of net pay in the Jurassic Upper
Safa. Completion tests last weekend were conducted on a one-inch choke with
1,382 pounds per square inch of flowing wellhead pressure from perforations
between 13,850 feet and 13,882 feet to evaluate 32 feet of net pay. An
additional 33 feet of Upper Safa net pay in three sands between 13,480 feet
and 13,750 feet will be perforated and gas from those zones will be
commingled with that of the lower zone when the well comes on production
around midyear.
The Jade-1X also logged 217 feet of pay in the AEB 3D, 3G and 6 sands.
The AEB is a prolific producer throughout the 3.8-million-acre Greater
Khalda complex, which includes Matruh. Apache plans to move the rig
approximately two miles north of the Jade-1X discovery to appraise the AEB
reservoirs.
Apache is currently constructing two additional trains in the Khalda
Concession to increase takeaway capacity by 200 MMcf of gas per day,
bringing total capacity to approximately 750 MMcf per day. Construction is
expected to be completed by the end of next year.
Apache Corporation is a large oil and gas independent with operations
in the United States, Canada, the United Kingdom North Sea, Egypt,
Australia and Argentina.
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
and future production. 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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