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Apache Cheers Gas, Condensate Discoveries In Egypt

|Includes:Apache Corporation (APA)

Apache has revealed two hydrocarbon discoveries at its Herunefer-1X and BAT-1X well located in Egypt's Western Desert.

Herunefer-1X discovery

· Located in Khalda Offset Concession in Matruh Basin

· Encountered pay in the Alamein, Alam El Buieb-6 (AEB), Masajid, Upper Safa and Lower Safa formations

· Tested at a rate of 49 MMcf/d of gas and 7.7 Mbbl/d of condensate from the Lower Safa and Upper Safa intervals

· Estimated drilling and well completion cost of $6 million

BAT-1X discovery

· Located in Khepri-Sethos Development Lease in Shushan Basin

· Drilled to a total depth of 15,555 ft

· Encountered pay in the Cretaceous Upper Bahariya, Lower Bahariya, Alamein, AEB-3C and AEB-3D formations

· Tested at a rate of 31 MMcf/d of gas and 390 bbl/d of condensate from a thick Paleozoic Shiffah sandstone interval

· Estimated drilling and well completion cost of $5.25 million

Apache plans to drill several trend exploration wells in 2014 to evaluate and appraise the BAT discovery. Alternatives for delivering the production to market are under evaluation.

In Jan-2014, Apache Corporation successfully flow-tested two discoveries in the North Tarek and Khalda Offset Concessions in Egypt.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Stocks: APA