Apache Takes Operatorship of Phoenix South Project (Australia)

Apache Takes Operatorship of Phoenix South Project (Australia)

Australia’s National Offshore Petroleum Titles Administrator (NOPTA) has approved and registered the interests of Apache and JX Nippon in the WA-435-P and WA-437-P exploration permits following the farm out by Carnarvon and Finder Exploration Pty Ltd as disclosed to the market on 18 October 2012.

Under the agreement, Carnarvon will assign 20% of its interest to Apache and 10% to JX Nippon, thereby retaining a 20% working interest. Apache and JX Nippon carry Carnarvon on one firm exploration well in WA-435-P and one contingent exploration well in WA-437-P. Apache and JX Nippon will contribute to costs by Carnarvon.

Apache will assume Operatorship of WA-435-P and WA-437-P permits.

Following the approval and registration by NOPTA, the interests in the Joint Venture are: Apache (Operator) 40%; JX Nippon 20%; Finder Exploration Pty Ltd 20%; Carnarvon Petroleum Limited 20%

Carnarvon’s Managing Director, Adrian Cook commented: “We anticipate a great deal of activity and interest in this region of the North West Shelf this year and in coming years and we look forward to being part of that through this Joint Venture commencing with the drilling of the Phoenix South prospect in the WA-435-P permit.”

February 6, 2013

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