1 million acres adjacent to existing holdings in Tierra del Fuego
HOUSTON, Nov. 28 /PRNewswire-FirstCall/ -- Apache Corporation (NYSE,
Nasdaq: APA) said today that it has been awarded rights to explore the
Lenga and Rusfin blocks on the island of Tierra del Fuego in the Chilean
government's Magallanes Basin bid round.
Located along Chile's border with Argentina, the two blocks add 1
million acres adjacent to Apache's 714,000 acres and extensive exploration
and production operations on the Argentinean side of the island. Current
net production from the Argentina blocks is 4,200 barrels of liquid
hydrocarbons and 113 million cubic feet of gas per day.
Apache will operate both of the Chilean blocks with a 50-percent
interest in Lenga and a 100-percent interest in Rusfin. Empresa Nacional
del Petroleo (ENAP), Chile's national oil company, will hold the remaining
interest in the Lenga Block. The Rusfin Block comprises 865,735 exploration
acres and the Lenga Block totals 337,402 exploration acres. Apache has
committed to acquire 232 square miles (600 square kilometers) of
three-dimensional seismic and drill two exploration wells, for a combined
investment of US $18.3 million during the first phase of the exploration
period.
"Apache's entry into Chile adds to our drilling opportunities with 1
million acres in a known hydrocarbon province in a stable governmental and
economic regime," said G. Steven Farris, Apache's president and chief
executive officer. "Given the proximity to our Tierra del Fuego operations,
these blocks represent a natural extension of our expanding exploration and
production operations and knowledge base.
"We welcome the opportunity to work in Chile, and we hope to become a
meaningful contributor to the nation's energy supply over time," 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 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-AR
SOURCE Apache Corporation
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