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Apache's Latest Discovery Highlights Khalda Ridge Potential In Egypt's Western Desert

Stocks in this article: APA

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 during 2013.

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 exploration wells.

About Apache

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, www.apachecorp.com.

Forward-looking statements

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.

APA-EG

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