Apache Farms-In to Offshore AU Permit

The Oilex-led WA-388-P joint venture has entered into a farm-in agreement with Apache Energy to acquire a 40% interest by paying all costs of the first exploratory well, and of the well test costs if the joint venture approves testing of the well.

The WA-388-P permit, located north of the Pluto, Wheatstone, Gorgon and North West Shelf fields, offshore Western Australia, contains numerous play types and seven identified prospects, ranging in potential size from .3 to 2.8 Tcf of prospective gas resources. Apache will replace Oilex as the permit operator.

The well will target a prospect in the Intra Mungaroo channel zone and is anticipated to spud in early 2011. The Stena Clyde semisub was contracted to drill the well. Once finalized, the participating interests in WA-388-P are Apache (40%), Oilex (8.4%), Sasol (18%), Videocon (8.4%), Gujurat State Petroleum (8.4%), Bharat PetroResources (8.4%), and Hindustan Petroleum (8.4%).

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