Apache's Zola-1 Natural Gas Discovery Logs 410 Feet of Pay Offshore Western Australia

abarrelfullabarrelfull wrote on 05 Apr 2011 10:24
Tags: apache australia upstream

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Apache Corporation (NYSE, Nasdaq: APA) today announced that its subsidiary's Zola-1 discovery in license WA-290-P, offshore Western Australia, logged 410 feet of net pay in three Triassic Mungaroo sands over a depth range of 13,450-15,100 feet below sea level. Logging tools and formation pressure tests confirmed at least two separate natural gas columns with excellent reservoir characteristics.

Zola-1 is located in the Carnarvon Basin 60 miles north-northwest of Onslow, Western Australia, in water depths of 930 feet. The discovery is on trend with the Gorgon gas field 16 miles to the north and near both existing and developing gas infrastructure.

"Zola is a very encouraging result for Apache," said Thomas M. Maher, Apache's region vice president and managing director in Australia. "Although it is too early to speculate on reserve size, the quality and thickness of the reservoir is better than we expected. After we finish operations on the Zola-1 well, Apache will begin discussing the way forward — including appraisal drilling and development options — with our partners."

A new seismic survey covering the Zola structure is planned later in 2011.

Apache Northwest Pty Ltd., a subsidiary of Apache Corporation, owns a 30.25-percent interest and operates permit WA-290-P, which comprises approximately 119,000 acres. Other partners in the joint venture are Santos (24.75 percent), OMV (20 percent), Nippon (15 percent) and Tap Oil (10 percent).

Apache acquired its interest in WA-290-P as part of seven transactions completed in 2010 that increased the company's gross acreage in Australia by more than 40 percent. Zola is the first well drilled on the acquired acreage.

About Apache

Apache Corporation (NYSE, Nasdaq: APA) 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 common stock is listed on the New York Stock Exchange and quoted on the NASDAQ National Market under the symbol APA. Apache posts announcements, updates and investor information, in addition to copies of all recent press releases, on its website www.apachecorp.com.

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