EXPRESS CHECKOUT

Gas discoveries in Egypt

Posted in Business + Economy, Egyptian Affairs, Environment by expresscheckout on 6 February, 2008

Western Desert, Sahara - Egypt

Apache Reports Gas Discoveries in Egypt, Australia (Update 2)
By Amy Strahan
January 24, 2008
Bloomberg

Apache Corp., the U.S. oil and natural-gas producer that made more than a dozen acquisitions this decade, reported gas discoveries in Egypt and Australia.

A test well in Egypt’s Western Desert flowed 41.6 million cubic feet of gas and 1,313 barrels of condensate per day, expanding the known geologic trend in the area by an additional 9 miles from a previous discovery in 2006, Houston-based Apache said in a statement today.

More discoveries like this “could increase the long-term picture of growth out of Egypt,” said Ray Deacon, an analyst at BMO Capital Markets in Denver, who rates Apache shares at “outperform” and owns none.

The discovery off the coast of Australia on the Northwest Shelf encountered 113 feet of net pay, Apache said. Apache has a 65 percent stake in that block as part of a joint venture with Kufpec Australia Pty.

Apache rose $1.69, or 1.9 percent, to $93.02 in New York Stock Exchange composite trading. The stock has gained 32 percent in the past year.

To contact the reporter on this story: Amy Strahan in Houston at astrahan@bloomberg.net.

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