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Apache Announces Discovery in Egypt Launch its 2008 Exploration Program
Source: www.oilegypt.com 1/24/2008
Apache Corporation reported the first discovery from its 2008 exploration program in Egypt. The Hydra-1X exploration well in Egypt's Western Desert test-flowed 41.6 million cubic feet (MMcf) of natural gas and 1,313 barrels of condensate per day from the Jurassic Lower Safa formation. The discovery, which is located in a sparsely drilled area in Apache's 100-percent-interest Shushan "C" Concession, logged 178 feet of net pay in the Lower Safa - one of the thickest Lower Safa pay zones identified since Apache's 2003 discovery at Qasr - as well as 45 feet of probable gas-condensate pay in the Jurassic Alam El Bueib (AEB) Unit 6 sand and 30 feet of probable oil pay in the Lower Cretaceous AEB Unit 3.
"Although the accumulation is not as large as Qasr, the Hydra-1X penetrated the same Lower Safa sandstone that we discovered 25 miles away at Qasr - the largest field we've ever discovered, with estimated proved reserves of 2.3 trillion cubic feet of gas and 80.4 million barrels of condensate," said G. Steven Farris, Apache's president and chief executive officer. The latest discovery extends the known Lower Safa production trend across Apache acreage an additional nine miles north of the Kahraman B-22 Lower Safa discovery, which flowed 16 MMcf of natural gas and 480 barrels of condensate per day after a fracture stimulation when it was tested in October 2006.
In Egypt, Apache plans to drill 282 wells in 2008, including 40 exploration wells that will target Jurassic formations with gas and condensate potential near the recent Hydra, Qasr and Jade discoveries; oil potential farther southwest near Apache's Neith, Heqet and Buchis development leases; new Bahariya and Abu Roash oil fields in the Abu Gharadig Basin; and Apache's newest acreage in Egypt - a 50-percent interest in 10.5 million acres on concessions farmed in from Tharwa Petroleum.
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