Apache makes gas discovery offshore Kenya; data analysis underway to determine future activity
HOUSTON, Sept. 12, 2012 -- Apache Corporation (NYSE,
Nasdaq: APA) announced today that Mbawa 1 offshore
exploration well in Kenya encountered natural gas. The well
reached a total depth of 10,335 feet (3,150 meters).
The well encountered approximately 52 net meters (170 feet)
of natural gas pay in three zones. Although no oil was
encountered, the presence of hydrocarbons warrants further
evaluation. Over the next several months, Apache and its
partners in the Kenya L8 Joint Venture will analyze the
well data to determine future exploration activities.
Apache has 50 percent interest in the Mbawa 1 well and is
the operator. Others in the joint venture are Origin Energy
Ltd. (20 percent), Pancontinental Oil & Gas NL (15 percent)
and Tullow Kenya B.V. (15 percent).
About Apache
Apache Corporation is an oil and gas exploration and
production company with operations in the United States,
Canada, Egypt, the United Kingdom North Sea, Australia and
Argentina. Apache posts announcements, operational updates,
investor information and copies of all press releases on
its website, www.apachecorp.com.
Forward-looking statements
This news release contains forward-looking statements
within the meaning of Section 27A of the Securities Act of
1933 and Section 21E of the Securities Exchange Act of
1934. Forward-looking statements can be identified by words
such as "anticipates," "intends,"
"plans," "seeks," "believes,"
"estimates," "expects" and similar
references to future periods. These statements include, but
are not limited to, statements about future plans,
expectations, and objectives for Apache's operations
including statements about exploration and drilling plans
in the Mbawa 1 offshore well in Kenya. While
forward-looking statements are based on assumptions and
analyses made by us that we believe to be reasonable under
the circumstances, whether actual results and developments
will meet our expectations and predictions depend on a
number of risks and uncertainties which could cause our
actual results, performance, and financial condition to
differ materially from our expectations. See "Risk
Factors" in our 2011 Form 10-K filed with the
Securities and Exchange Commission for a discussion of risk
factors that affect our business. Any forward-looking
statement made by us in this news release speaks only as of
the date on which it is made. Factors or events that could
cause our actual results to differ may emerge from time to
time, and it is not possible for us to predict all of them.
We undertake no obligation to publicly update any
forward-looking statement, whether as a result of new
information, future development, or otherwise, except as
may be required by law.
distributed by |