Apache's Latest Discovery Highlights Khalda Ridge Potential In Egypt's Western
-Also: New wells confirm additional potential in WD 33 and Karama development
leases in Abu Gharadig Basin
HOUSTON, March 4, 2013
HOUSTON, March 4, 2013 /PRNewswire/ -- Apache Corporation (NYSE, Nasdaq: APA)
today reported that the Amoun NE-1X discovery on the north flank of Egypt's
Khalda Ridge producing complex tested at a combined rate of 3,186 barrels of
oil and condensate and 11 million cubic feet of natural gas per day from two
zones in the Jurassic-aged upper and lower Safa formations.
The Amoun NE-1X was the first 2013 well among several planned locations
targeting multiple liquids-rich objectives on the northern and southern flanks
of the Khalda Ridge. The planned wells' close proximity to production
facilities is expected to enable quick completion and startup of production.
The latest discovery, which followed 2012's highly successful full-field
development program at the Unas Field on the southern flank of the ridge,
confirms significant additional exploration drilling potential in a prolific
producing area in the heart of the Khalda concessions. Apache plans to drill
three development wells offsetting the Amoun NE-1X and test two nearby
exploration plays later in 2013 as well as several additional prospects on the
southern flank of Khalda Ridge.
The Amoun NE-1X is located on the Khalda Development Lease, about two miles
(3.5 km) east of Shams Field. The well, which was drilled to a total depth of
14,028 feet, encountered 50 feet of oil pay in three Cretaceous Alam el Buieb
(AEB-3) sands in addition to 101 feet of pay in the Jurassic Safa sands that
were tested. The well cost $4.2 million to drill and complete.
Apache also reported success at the WD 33 Development Lease acquired in 2010.
Apache's exploration and development drilling on WD 33 in the Abu Gharadig
Basin began in late 2012, and the recently completed WD 33-5, which cost $3.65
million to drill and complete, tested at a rate 2,324 barrels of oil and 600
thousand cubic feet of gas per day from the Abu Roash E reservoir. The well
confirmed as many as five additional locations may be required for full
development. In addition, three exploratory wells are planned in the area
Also in the Abu Gharadig Basin, the Karama-15 well in the Karama Development
Lease test-flowed 2,136 barrels of oil per day with original reservoir
pressure in the Abu Roash G reservoir along the western flank of the Karama
Field. The Karama-15, which cost $2.1 million to drill and complete, confirmed
as many as seven additional drilling locations. The Karama Field was Apache's
first discovery in the Abu Gharadig Basin in 2001.
"The high oil and condensate yields encountered in Amoun NE-1X and the
potential for additional wells on the Khalda Ridge and Abu Gharadig Basin
provide multiple opportunities for Apache's active exploration and development
program in Egypt," said Thomas M. Maher, vice president and general manager of
Apache's Egypt Region.
Apache plans to drill 270 wells in Egypt in 2013, including more than 60
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. Apache posts announcements, operational updates,
investor information and copies of all press releases on its website,
This news release contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Forward-looking statements can be identified by words
such as "anticipates," "intends," "plans," "seeks," "believes," "estimates,"
"expects" and similar references to future periods. These statements include,
but are not limited to, statements about potential drilling locations, planned
drilling activity, future production, and exploration prospects, and Apache's
ability to execute on production and development plans in the Khalda Ridge and
Abu Gharadig Basin in Egypt. While forward-looking statements are based on
assumptions and analyses made by us that we believe to be reasonable under the
circumstances, whether actual results and developments will meet our
expectations and predictions depend on a number of risks and uncertainties
which could cause our actual results, performance, and financial condition to
differ materially from our expectations. See "Risk Factors" in our 2012 Form
10-K and our subsequent filings with the Securities and Exchange Commission
for a discussion of risk factors that affect our business. Any
forward-looking statement made by us in this news release speaks only as of
the date on which it is made. Factors or events that could cause our actual
results to differ may emerge from time to time, and it is not possible for us
to predict all of them. We undertake no obligation to publicly update any
forward-looking statement, whether as a result of new information, future
development, or otherwise, except as may be required by law.
SOURCE Apache Corporation
Contact: Media: Patrick Cassidy, +1-713-296-6100, John Roper, +1-281-302-2646,
Bill Mintz,+1-713-296-7276, or Bob Dye, +1-713-296-6662; Investor: Brady
Parish, Christopher Cortez, Castlen Kennedy, or Alicia Reis, +1-281-302-2286,
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