Apache Makes Gas Discovery Offshore W. Australia

Apache Makes Gas Discovery Offshore W. Australia

Finder Exploration Pty Ltd has announced that the Olympus-1 exploration well in Exploration Permit WA-450-P, offshore Western Australia, has discovered gas in two zones.

The well was drilled to a total depth of 4,540 metres and was plugged and abandoned in accordance with the pre-drill program. The Ocean America semi-submersible drilling rig has now moved off location and is mobilising to another location.

The Olympus-1 well penetrated gas bearing sands in the Cretaceous Lower Barrow and Triassic Mungaroo Formations. Numerous reservoir fluid and pressure samples were gathered, which will allow the Joint Venture to assess the Olympus resource size, gas composition and commerciality.

Apache Northwest Pty Ltd, the operator, will now review and consider the Olympus well result in proposing a forward plan for the Permit.

The Permit is located in the Northern Carnarvon Basin, directly south of the Gorgon and Clio major gas fields and only twelve kilometres from the recent Zola discovery.

The participating interests in the Permit are as follows: Apache Northwest Pty Ltd 75%; Japan Australia LNG (MIMI) Pty Ltd 20%; Finder Exploration Pty Ltd5%

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Press Release, April 11, 2013