HOUSTON, Aug. 14 (UPI) -- Energy group Apache said Monday that 26 million cubic feet of gas per day had been tested at a well off Australia's northwest shelf.
Apache has a 55-percent stake in the Gnu-1 well, while Santos holds the remaining 45 percent.
"This well brings our expected gross recoverable reserves at the Reindeer/Caribou field to half a trillion cubic feet of natural gas," said Apache's chief executive Steven Farris in a news release.
"We plan to develop this field with an objective of first production in 2008. With five additional seismically defined prospects in the immediate vicinity, the first of which we plan to spud later this year, the growth potential of this area is significant."
Houston-based Apache has operations in the United States, Canada, the British North Sea, Australia, Egypt and Argentina.
