Apache discovers oil off Australia

Apache Corp. reported its first offshore discovery from its 2008 exploration program.

Offshore staff

HOUSTON -- Apache Corp. reported its first offshore discovery from its 2008 exploration program.

The Brulimar-1 on Australia's Northwest Shelf encountered 113 ft (34 m) of net pay in the Upper Triassic Mungaroo sandstone. Brulimar-1 is the fourth consecutive exploration success in the Apache-operated WA-356-P block; Apache owns a 65% interest in the block in a joint venture with Kufpec.

"The Brulimar-1 is a significant discovery because it continues to validate our use of advanced geophysical techniques to identify specific stratigraphic targets and accurately predict reservoir thickness before we drill a well," says G. Steven Farris, Apache's president and CEO.

In Australia, Apache is planning to drill 52 wells, including 32 exploration wells, in 2008. The schedule includes four additional exploration wells on the Julimar-Brunello trend and Apache's first exploration program in the Gippsland basin off the coast of the southeastern state of Victoria. The first of Apache's eight wells, the Wasabi-1, is scheduled to spud around Feb. 1.

1/24/2008

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