Additional wells confirm AEB potential of Matruh area
HOUSTON, Oct. 25 /PRNewswire-FirstCall/ -- Apache Corporation (NYSE,
Nasdaq: APA) today reported that its Jade-2x well in Egypt's Western Desert
test-flowed 26.7 million cubic feet (MMcf) of natural gas and 1,325 barrels
of condensate per day from the Jurassic Alam El Bueib-6 (AEB) formation.
The well was the first test of the AEB reservoirs in the Jade structure
along the Matruh Ridge, confirming AEB resource potential identified on
well logs in the Jade-1x discovery. The AEB formation is one of the most
prolific oil-producing reservoirs in the greater Khalda Concession,
accounting for almost 40 percent of the total crude oil produced from the
concession to date -- more than 250 million barrels. Apache holds a 100
percent contractor interest in the quarter-million acre Matruh Concession.
The Jade-1x discovery logged 217 feet of AEB pay and 66 feet in the
Jurassic Upper Safa formation in March 2007. The discovery was completed as
a gas producer from the Upper Safa after a test of 25.6 MMcf of gas per
day.
The Jade-2x, located approximately 1 mile (1.4 km) northeast of the
Jade-1x, logged 148 feet of AEB pay.
Also at Jade Field, the Jade-4 well has reached a total depth of 12,670
feet and logged 234 feet of net pay in the AEB formation. The Jade-4, a
twin to the Jade-1x drilled to access the AEB sands identified in the
discovery well, will be tested and completed following the Jade-2x test.
Apache recently re-completed the Imhotep-2 well to the AEB-6 zone which
tested at a rate of 4,082 barrels of condensate per day and 3.3 MMcf of gas
per day. The Imhotep Field is located about 17 miles (28 km) east southeast
of the Jade Field. It was established in February 2004 as a Jurassic Upper
Safa gas field, with cumulative production to date of 33 billion cubic feet
(bcf) of gas and 1.78 million barrels of associated condensate.
"The Matruh Area, including the Jade Ridge, is one of the
high-potential exploration plays Apache has matured in our three growth
areas of Australia, Canada and Egypt," said G. Steven Farris, Apache's
president and chief executive officer. "The successful test in the AEB
formation confirms our belief in the significant hydrocarbon potential of
the ridge.
"With the Jade wells, our successes at Julimar, Julimar East and
Brunello in Australia and the Asala Ridge waterflood program in Egypt, our
2007 exploration program has added significant value which will be realized
for our shareholders in coming years," Farris said.
Apache Corporation is an oil and gas exploration and production company
with operations in the United States, Canada, Egypt, the United Kingdom
North Sea, 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 2006 Form 10-K and on our website. 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-EG
SOURCE Apache Corporation
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CONTACT:
Media, Bill Mintz, +1-713-296-7276, Investor,
Robert Dye, +1-713-296-6662, David Higgins, +1-713-296-6690, all
of Apache Corporation
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