HOUSTON, April 4, 2011 /PRNewswire/ -- 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.
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.
Important information concerning 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. They include our plans to acquire seismic on the Zola structure and to discuss future drilling and development plans for the Zola structure. While Apache believes that its expectations contained in this news release are based on reasonable assumptions, no assurances can be given that such expectations will prove to have been correct. A number of factors could cause actual results to differ materially from the projections, anticipated results or other expectations expressed in this news release, including Apache's ability to appraisal drill and develop the Zola structure and to acquire seismic survey covering the Zola structure. Any matters that are not historical facts are forward-looking and, accordingly, involve estimates, assumptions, risks and uncertainties. See "Risk Factors" in our 2010 Form 10-K filed 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.
SOURCE Apache Corporation