Apache Encouraged By Early Results of Egyptian Deepwater Well

Apache Corporation reported it has reached total depth on its first deepwater well, the Abu Sir-1X, or Blue prospect, in the offshore portion of its West Mediterranean Concession in Egypt. The well was drilled by Transocean Sedco Forex's semisubmersible, Sedco Express. The company said it will test several potentially productive pay sands over the next several weeks.

"We are encouraged by the wireline logs but will have no further comment until we have completed testing," said Apache President and Chief Operating Officer G. Steven Farris.

Apache plans to drill a second deepwater well to test the equivalent of the Abu Sir-1X pay zones, as well as deeper Miocene objectives. Apache is the operator with a 55 percent contractor interest. RWE-DEA has a 28.333 percent interest and BP plc holds the remaining 16.667 percent.

The Abu Sir well, with a total depth of 7,530 feet, is approximately 42 miles from shore in 3,255 feet of water, about 16 miles west of prior industry discoveries in the North Alexandria Concession. BP has a 60 percent contractor interest in North Alexandria and RWE-DEA holds the remaining 40 percent.

"We have been measured in our evolution to the deepwater. Our Mediterranean block, which undoubtedly has the greatest exploration potential in the company's history, was selected over the Gulf of Mexico because its significantly lower drilling and production infrastructure costs better match our portfolio as we continue to build Apache to last," Farris said.


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