HOUSTON, Dec. 3 /PRNewswire-FirstCall/ -- Apache Corporation (NYSE:APA) today reported that its Jade-4 well in Egypt's Western Desert test-flowed 23.8 million cubic feet (MMcf) of natural gas and 2,107 barrels of condensate per day from the Jurassic Alam El Bueib-3G (AEB) formation.
The Jade-4 is adjacent to the Jade-1x discovery, which logged 217 feet of AEB pay and 66 feet in the Jurassic Upper Safa formation in March 2007. The discovery was completed as a gas producer from the Upper Safa after a test of 25.6 MMcf of gas per day. The Jade-4 was drilled to test the potential of the AEB - one of the most prolific reservoirs in the greater Khalda Concession. The latest well logged 234 feet of net pay in the AEB.
"After drilling three wells in the Jade Field along the Matruh Ridge, Apache has successful tests in four discrete reservoir intervals," said G. Steven Farris, president and chief executive officer. "We are planning appraisal and development drilling, and we expect to drill additional exploration prospects along the Jade trend during 2008."
In addition to the discovery well, the Jade-2x well is producing gas and condensate after testing over 20 MMcf of gas per day from each of two AEB sands, and the Jade-4 is being completed as a gas and condensate producer. In addition, oil pay was identified in another AEB sand behind casing in the Jade-1x and Jade-4.
The Jade Field is located in the quarter-million-acre Matruh Concession. Apache holds a 100 percent contractor interest in the block.
"The Jade discovery was one of several higher-risk, higher-reward exploration prospects we have developed across the 37 million acres we have assembled in our core growth regions of Australia, Canada and Egypt," Farris said. "This field and other recent discoveries will enable Apache to deliver strong growth through the end of the decade."
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.
Source: Apache Corporation