Since the arrival of "Arab Spring" in Egypt, that nation has been wracked by rising prices for food and fuel, rising unemployment, declines in tourism, and political turmoil. The Egyptian people have been due for some good news for a change, and this week, Apache (NASDAQ:APA) brought it to them.
On Tuesday, Apache announced new oil and gas discoveries at three wells in Egypt's Western Desert. Apache says that the discoveries, made in three separate locales, "highlight the company's diverse potential for new oil and gas developments across its concessions." They're good news for Egypt as well.
Apache's discoveries include:
- NRQ 3151-1X, located in the Alamein Basin in the North Ras Qattara Concession. Apache has a 70% interest in this concession, which the company believes contains 100 feet of pay sands (i.e., a band or bands 100 feet in depth, where oil and gas reside and can be extracted). The company will conduct additional work to evaluate the site later in 2013.
- SIWA L-1X, located in the Siwa Concession in the Faghur Basin. Apache has a 50% interest in this concession, which the company believes has 123 feet of hydrocarbon pay.
- NTRK-G-1X, located in the North Tarek Concession in the Matruh Basin. Apache owns all of this concession, which the company says has 60 net feet of hydrocarbon pay.