Source Pravda.Ru

Apache Makes Second Deepwater Discovery Offshore Egypt

Apache Corporation has made a second deepwater discovery on its 2.3-million-acre West Mediterranean Concession offshore Egypt. It is the company's 11th discovery worldwide this year.

The Al Bahig - 1X well, located 37 miles offshore in 3,510 feet of water 10 miles southwest of Apache's recent Abu Sir Pliocene discovery, encountered a 247-foot gas column. Wireline logs and pressure data indicate reservoir quality as good as or better than that encountered in the Abu Sir well, the company said. Apache said it sees no need to test the discovery at this time. "The Pliocene sand in our Al Bahig discovery came in exactly as predicted based on pre-drill seismic interpretation," said Apache President and CEO G. Steven Farris.

The well was drilled to a total depth of 8,050 feet in the Kafr El Sheik (Pliocene) formation. Apache is the operator, with a 55 percent contractor interest in the deepwater portion of the concession. RWE-DEA has a 28.33 percent contractor interest and British Petroleum holds the remaining 16.67 percent.

"We have at least seven prospects and leads in deepwater West Med and plan to drill three more of them by yearend," Farris said. "We are extending Egypt's prolific Nile Delta play westward in pursuit of our goal of proving up a minimum of 3 Tcf of reserves on the deepwater block."

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&to=http://www.apachecorp.com/' target=_blank>APACHE Corporatoin

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