Another great oil find offshore WA, this time by Apache
US energy company Apache Corp said it has discovered a new oilfield in offshore Western Australia, which may hold as much as 300 million barrels of crude.
The Phoenix South-1 well, drilled 180 kilometres north of Port Hedland in 133 meters of water, is the company’s first oil discovery in Australia’s offshore Canning Basin.
Apache is the operator of the WA-435-P block where the discovery was made, and owns a 40 per cent stake in the licence and the adjacent WA-437-P permit.
“Although evaluation is at an early stage, Phoenix South-1 is an exciting result,” Apache chief executive Thomas Voytavich said in a statmenrt to the Australian Securities Exchange this morning.
“The oil and reservoir quality we have seen point to a commercial discovery. If these results are borne out by further appraisal drilling, Phoenix South may represent a new oil province for Australia,” the statement said.
Australian oil junior Carnarvon Petroleum is a partner in Phoenix project. Shares in Carnavon doubled following the announcement, improving 9.4c to 17.25c in trading on the Australian Securities Exchange this morning.
