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4-Traders Homepage  >  Equities  >  Nyse  >  Apache Corporation    APA

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Apache Corporation : Apache makes gas discovery offshore Kenya; data analysis underway to determine future activity

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09/12/2012 | 04:23pm CEST

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.



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Financials ($)
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EBIT 2017 1 168 M
Net income 2017 579 M
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Number of Analysts 29
Average target price 51,0 $
Spread / Average Target 26%
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NameTitle
John J. Christmann President, Chief Executive Officer & Director
John E. Lowe Non-Executive Chairman
Stephen J. Riney Chief Financial Officer & Executive Vice President
George D. Lawrence Independent Director
Rodman D. Patton Independent Director
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