Friday, January 25, 2008

Natural Gas Discovered in Australia & Egypt


Apache Corp. (APA) said it discovered deposits of natural gas at wells in both Egypt and Australia.

Apache said its Hydra-1X exploration well in Egypt's Western Desert test- flowed 41.6 million cubic feet of natural gas and 1,313 barrels of condensate per day.

The Houston oil and gas company also said its Brulimar-1 discovery on Australia's Northwest shelf included 113 feet of net pay in the Upper Triassic Mungaroo sandstone.

In 2008, Apache plans to drill 282 wells in Egypt and 52 wells in Australia.

Shares of Apache recently traded up $2.17, or 2.4%, at $93.50.

-Jennifer Hodson; 201-938-5400;

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