HOUSTON, May 1 /PRNewswire-FirstCall/ -- Apache Corporation (NYSE,
Nasdaq: APA) announced today that the Julimar Northwest-1 exploration well
on Australia's Northwest Shelf logged 43 feet of net pay in the J-17
Triassic Mungaroo sandstone.
"Apache has now drilled six successful exploration wells on Permit
WA-356-P, validating the geophysical techniques used to identify natural
gas-bearing stratigraphic traps," said G. Steven Farris, Apache's president
and chief executive officer. "We are planning to drill three additional
wells on the block during 2008.
"This latest well further strengthens our belief that the ultimate size
of this gas accumulation is in the range of 2 to 4 trillion cubic feet,"
Farris said.
The J-17 sand was also present in the Julimar-1 discovery well two
miles to the southeast. Julimar-1 encountered 132 feet of net pay in four
zones, including 42 feet in the J-17 sand.
Seismic, log and pressure data indicate that the J-17 gas pay
encountered in Julimar Northwest-1 is in communication with and connected
to the upper pay zone intersected in Julimar-1 and Julimar East-1, which is
four miles from the latest well. The average porosity and permeability of
the gas pay intersected in Julimar Northwest-1 is of higher quality than
the equivalent zone in Julimar-1, which tested at an equipment-limited rate
of 42 million cubic feet (MMcf) of gas and 627 barrels of condensate per
day.
The Julimar-1 discovery tested a total of 85 MMcf per day from two
zones.
Apache owns a 65-percent interest in the 239,440-acre block; Kufpec
owns the remaining interest.
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,
http://www.apachecorp.com. 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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CONTACT:
media, 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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