Apache Drills 6th Successful Exploration Well in Permit WA-356-P

Apache reports that the Julimar Northwest-1 exploration well on Australia's Northwest Shelf logged 43 feet of net pay in the J-17 Triassic Mungaroo sandstone.

"Apache has now drilled six successful exploration wells on Permit WA-356-P, validating the geophysical techniques used to identify natural gas-bearing stratigraphic traps," said G. Steven Farris, Apache's president and chief executive officer. "We are planning to drill three additional wells on the block during 2008.

"This latest well further strengthens our belief that the ultimate size of this gas accumulation is in the range of 2 to 4 trillion cubic feet," Farris said.

The J-17 sand was also present in the Julimar-1 discovery well two miles to the southeast. Julimar-1 encountered 132 feet of net pay in four zones, including 42 feet in the J-17 sand.

Seismic, log and pressure data indicate that the J-17 gas pay encountered in Julimar Northwest-1 is in communication with and connected to the upper pay zone intersected in Julimar-1 and Julimar East-1, which is four miles from the latest well. The average porosity and permeability of the gas pay intersected in Julimar Northwest-1 is of higher quality than the equivalent zone in Julimar-1, which tested at an equipment-limited rate of 42 million cubic feet (MMcf) of gas and 627 barrels of condensate per day. The Julimar Northwest-1 well was drilled by Diamond Offshore's Ocean Epoch.

The Julimar-1 discovery tested a total of 85 MMcf per day from two zones.

Apache owns a 65-percent interest in the 239,440-acre block; Kufpec owns the remaining interest.

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