Apache makes 6th oil discovery in Egypt’s western desert

Apache makes 6th oil find in Egypt desert

HOUSTON — Apache Corp. said Tuesday it made its sixth oil and gas discovery in the Faghur Basin play in Egypt’s far Western Desert near the Libyan border.

The oil and gas company’s latest oil discovery well tested 5,085 barrels of oil and 130 thousand cubic feet of gas per day.

The WKAL-A-2X well represents the fourth successful exploration test in West Kalabsha Concession. The well is located five miles west of Apache’s Phiops Field.

“With this latest discovery and other recent wells, we anticipate production from the Phiops-West Kalabsha area will double to 20,000 barrels per day as additional infrastructure is brought on line in the third quarter,” said Rod Eichler, Apache’s co-chief operating officer.

Apache estimates resource potential in the Phiops and Kalabsha areas to exceed 50 million barrels of oil equivalent.

The company said it plans to drill seven additional exploration wells in the Faghur Basin play this year.

Apache shares fell $1.22 to $105.69 in midday trading.