Apache Reports Discovery on Egypt's E. Bahariya Concession

abarrelfullabarrelfull wrote on 21 Apr 2015 06:26

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March 28 2002

Apache Corporation (NYSE: APA) today announced its second commercial discovery on the company's East Bahariya Concession in Egypt's Western Desert. The Southeast Karama-1X well tested at the rate of 1,140 barrels per day of 43-degree API crude oil from the Cretaceous-age Abu Roash G formation. It is Apache's seventh discovery worldwide in 2002.

The well is located in the prolific Abu Gharadig basin, about 1.2 miles southeast of Karama Field, which Apache discovered in early 2000. Including the latest discovery, which is now on stream, combined production from the Karama and Southeast Karama fields is averaging 1,800 barrels of oil per day.

The Southeast Karama-1X was developed from interpretation of 3-D seismic data gathered last year. Six additional prospects have been identified in the area.

Apache holds a 100 percent contractor interest in the 1.4-million-acre concession. The company plans to drill at least three more wells in the concession by year end.

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