Drilling of Muggles-1 Well Delayed

Apache reports that drilling of the Muggles Prospect will be delayed due to delays on its two well development program at the Legendre Oilfield. It is now expected that the Muggles-1 well will not spud until mid-June. The prospect is located in the Carnarvon Basin offshore Australia.

The Muggles Prospect is an M australis stratigraphic pinchout trap at ~1300 meters subsea depth within a Cretaceous channel on the Enderby Terrace. Prospect potential ranges in size from 33.5 (mean) to 83.1 (P10) million barrels of oil recoverable. If drilling is successful the discovery could be tied back to the Legendre Oil Field, lying 10 kilometers northwest.

Participants in Muggles are Apache as operator with 69.7305%;Sun Resources with 10.3895%; First Australian Resources Ltd with 10.7143%; Victoria Petroleum with 6.1743% and Pan Pacific Petroleum with the remaining 2.9914%.