Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Evolution who wrote (53828)	11/1/1999 4:23:00 PM
From: Winkman777	Respond to of 95453

Apache (APA) discovery off Australia. -------------------------------------------------------------------------------- Apache Reports 5,940-BBL/Day Oil Discovery Offshore Northwest Australia November 1, 1999 03:18 PM HOUSTON, Nov. 1 /PRNewswire/ -- Apache Corporation APA today announced that its North Gipsy-1 discovery offshore Northwest Australia tested at a rate of 5,940 barrels per day of 44.9 degree API crude oil from a 63-foot interval between 7,336 feet and 7,399 feet in the late Triassic-age Brigadier sandstone. Apache has a 68.5 percent working interest in the discovery. Partners are Kufpec with 19.3 percent and Tap Oil with 12.2 percent. The North Gipsy-1 well also encountered a gas-condensate column in the shallower North Rankin sandstone interval. A test of this interval will not be conducted because its deliverability has already been established in the adjacent Rose and Lee accumulations. The discovery of oil at North Gipsy increases the likelihood of early development of the Gipsy/Rose/Lee complex, which is located 10 miles east- northeast of Apache's established oil and gas processing and export facilities at Varanus Island. Gas-condensate accumulations have been confirmed in Rose and Lee and oil in the North Rankin Formation in Gipsy. The discoveries are in Production License Area TL/1 in the Barrow Sub-basin of the Carnarvon Basin. The North Gipsy-1 well was tested on a 56/64-inch choke with 1,065 pounds per square inch of flowing tubing head pressure. The test was restricted by surface equipment limitations. Apache has four other prospects east of the discovery, where it plans to drill additional wildcats to test the same geologic concept. Apache is a large oil and gas independent with operations in North America, Western Australia, Egypt, Poland and the People's Republic of China. Its common shares are traded on the New York and Chicago stock exchanges. This news release contains certain "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995 including, but without limitation, expectations, beliefs, plans and objectives regarding Apache's future development plans. Any matters that are not historical facts are forward-looking and, accordingly, involve estimates, assumptions and uncertainties. There is no assurance that Apache's expectations will be realized, and actual results may differ materially from those expressed in the forward-looking statements. SOURCE Apache Corporation Terms of Use, and Privacy Policy ¸ 1996-1999 Microsoft Corporation and/or its suppliers. All rights reserved.