Apache Reports First Canning Basin Oil Discovery Offshore Western Australia

(RTTNews) - Oil and natural gas producer Apache Corp. (APA) announced an oil discovery at the Phoenix South-1 well, the company's first discovery in Australia's offshore Canning Basin.

Wireline and formation pressure tools have confirmed at least 4 discrete oil columns ranging in thickness between 85 and 151 feet in the Triassic Lower Keraudren formation, within an overall, sand-rich section between 13,648 and 14,763 feet below sea level.

The Phoenix South-1 well is situated in permit WA-435-P, offshore western Australia, 110 miles north of Port Hedland in 435 feet of water. Apache has a 40-percent stake and operatorship of WA-435-P and the adjacent permit WA-437-P; co-venturers are Carnarvon Petroleum, Finder Exploration and JX Nippon. Also, Apache has exercised its option to buy 40-percent interest and operatorship of two additional adjacent permits for a total position of over 5 million acres.