Halyard-1 discovery tests at peak rate of 68 MMcf of gas, 936 barrels of
condensate per day
HOUSTON, April 8, 2008 /PRNewswire-FirstCall/ -- Apache Corporation
(NYSE, Nasdaq: APA) announced today that the Julimar Southeast-1 discovery
on Australia's Northwest Shelf logged 195 feet of net pay across five
intervals of the Triassic Mungaroo Sandstone.
Apache has now drilled five gas discoveries on License WA-356-P,
including Julimar-1, Julimar East-1, Brunello-1 and Brulimar-1.
The latest discovery, which was not tested, was drilled in 502 feet of
water about 1.9 miles from Julimar-1, which logged 132 feet of net pay and
test-flowed a combined 85 million cubic feet (MMcf) per day from two zones.
"Julimar Southeast-1 encountered both the stratigraphically oldest and
structurally deepest gas pay in the field to date," said G. Steven Farris,
Apache's president and chief executive officer. "Two additional wells are
planned on the block in 2008, and we believe the ultimate size of this gas
accumulation could be in the range of 2 to 4 trillion cubic feet."
Apache owns a 65-percent interest in the block; Kufpec owns the
remaining interest.
Apache also announced that the Halyard-1 discovery test-flowed at a
peak rate of 68 MMcf of gas and 936 barrels of condensate per day from 91
feet of net gas pay in the Cretaceous Halyard sandstone.
The Halyard-1 discovery was drilled in 366 feet of water in Permit
WA-13-L, the same production license as the Apache-operated East Spar
Field. Apache owns a 55-percent interest in the block, Santos owns the
remaining interests. The discovery is on a trend with the Apache-operated
John Brookes Field, which is producing 240 MMcf of gas per day from three
wells.
The test was conducted on 54 feet of perforations in two intervals
beginning at a measured depth of 8,525 feet. The test was constrained by
the capacity of surface equipment.
"Halyard-1 is our first test of a series of recently identified
stratigraphic traps along the front edge of the Barrow Delta," Farris said.
"The production test confirms the presence of high-quality reservoir
sandstones and their capacity to deliver gas at commercial rates. Apache
has identified several other undrilled geologic features with similar
geophysical characteristics in the same area."
Future production from Halyard could be brought to Western Australia's
domestic gas market via an existing Apache-operated pipeline 10 miles south
of the discovery and through the Varanus Island processing and
transportation hub. This proximity to existing infrastructure is likely to
reduce the time and expense required to develop the project.
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 news release contains certain "forward-looking statements" within
the meaning of the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995 including, without limitation, expectations,
beliefs, plans and objectives regarding production and exploration
activities. Any matters that are not historical facts are forward-looking
and, accordingly, involve estimates, assumptions, risks and uncertainties,
including, without limitation, risks, uncertainties and other factors
discussed in our 2007 Form 10-K and on our Web site. 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. We
assume no duty to update these statements as of any future date.
APA-AU
SOURCE Apache Corporation
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