Houston-based Apache Corporation made its first discovery at Australia’s offshore Canning Basin.
The company said Friday that in place reserves at the Phoenix South-1 well could be as much 300 million barrels of oil.
Six light oil samples were taken at three intervals and permeability measurements from the sampled zones show a productive oil reservoir.
Apache found at least four discrete oil columns ranging in thickness between 85 and 151 feet (26 to 46 meters) in the Triassic Lower Keraudren formation.
The Phoenix South-1 well is located in permit WA-435-P in offshore western Australia about 110 miles (180 km) north of Port Hedland.
Apache has a 40-percent interest and operatorship of WA-435-P and the adjacent permit WA-437-P.
The company has co-ventures in the permit with Australia-based Carnarvon Petroleum (20 percent), Australia- based Finder Exploration (20 percent) and Japan-based JX Nippon (20 percent).
Apache has exercised its option to acquire 40 percent interest and operatorship of two additional adjacent permits ,WA-436-P and WA-438-P.
The company now holds more than 5 million acres (20,000 square kilometers) in the Canning Basin region.
“The oil and reservoir quality we have seen point to a commercial discovery. If these results are borne out by further appraisal drilling, Phoenix South may represent a new oil province for Australia.” Apache’s International Executive Vice President and Chief Operating Officer Thomas E. Voytovich said.