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US firm claims Australia’s biggest oil find in 30 years

Posted by ipso facto @ 10:35 on August 18, 2014  

US oil and energy firm Apache Corp. (NYSE:APA) said Monday an exploration well offshore Western Australia state had found as much as 300 million barrels of crude, potentially the country’s largest oil discovery in the last 30 years.

The drilling result from the Phoenix South-1 well in the offshore Canning Basin, said the company in a statement to the Australian Stock Exchange, may herald a new oil “province” for the country.

Shares of Apache’s exploration partner Carnarvon Petroleum (ASX:CVN), which holds a 20% stake in the venture, jumped the most in 24 years on the news.

more http://www.mining.com/us-firm-claims-australias-biggest-oil-find-in-30-years-51426/

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Post by the Golden Rule. Oasis not responsible for content/accuracy of posts. DYODD.