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Apache Announces Results From Egypt Oil And Gas Field, Stock Falls To 52-Week Low

Apache Corp ( APA ) said its Amoun NE-1X discovery on the north flank of Egypt's Khalda Ridge produced 3,186 barrels of oil and condensate and 11 million cubic feet of natural gas per day in tests. It also said the well's proximity to facilities is likely to enable a quick startup of production.

APA says the latest discovery confirms significant additional exploration potential in the heart of the Khalda concessions. Apache plans to drill three development wells offsetting the Amoun NE-1X and test two nearby exploration plays later in 2013 as well as several additional prospects on the southern flank of Khalda Ridge.

Shares of APA dropped 1.7% to $72.48 in mid-day trade, after earlier hitting a new 52-week low of $72.33.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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