« on: November 02, 2014, 09:17:19 PM »
Posted: 29/10/2014 5:00:00 AM by Mining Oil and Gas Jobs
Filed under: Oil-and-gas, Mining
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US oil firm Apache has made a new oil discovery that could be Australia’s largest oil find in 30 years. If true, it is hoped that the company has located a new oil province off the country’s north-west coast.
The discovery was made by the Phoenix South-1 well, which was actually on the hunt for gas – but with potentially 300 million barrels of oil at stake, nobody’s complaining. Although initial looks suggest that the oil is commercially viable, not all of it may be recoverable – but it could mean the surrounding area is oil rich and ready for drilling.
The news caused a leap in shares for one of Apache’s drilling partners, Carnarvon Petroleum, when the price almost trebled and brought the small oil and gas company’s market value to $157 million. Some analysts believe the response may have been a little too quick, however, as the drilling results still haven’t been fully scrutinized. One analyst told the Sunday Morning Herald that “It looks a bit punchy based on the facts we’ve got today. There are still a lot of unanswered questions here.”
Adrian Cook, the managing director of Carnarvon Petroleum, said the discovery was “one of the most significant developments in Australian oil and gas in recent times.”
Mr Cook echoed the sentiments of some of the uncertain analysts, though, adding “We need more time to interpret the science.
“We’re all excited but appreciate there’s some ways to go. We have to be careful. It’s very easy to let enthusiasm get away from the facts.”
From initial examination, however, it appears that the oil is high-grade and likely to attract premium prices.
Apache was quick to snap up more space, committing to drilling a second well in a nearby permit, which will target a larger prospect. The oil firm also took an option to snatch 40 per cent of two other permits in the area.
“The implications on the rest of our acreage are still being assessed but the potential is extraordinary,” Mr Cook commented. - See more at: http://www.miningoilgasjobs.com.au/our-blog/october-2014/us-oil-firm-apache-claims-to-find-australia%E2%80%99s-larg.aspx#sthash.LjWG28OQ.dpuf
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wealth and fame may pass away,
bring no joy or lasting pleasure.
true love abides all way.
through the world i'll gladly go,
if one true love i know."
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