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Overview

Our exploration activity in Australia is focused in the offshore Carnarvon, Gippsland and Browse basins where Apache holds 5.4 million net acres in 31 Exploration Permits, 10 Production Licenses, and 5 Retention Leases. Production operations are concentrated in the Carnarvon basin, the location of all 10 Production Licenses, all of which are operated by Apache.

In 2007, the region generated $536 million of production revenues from 16.9 million barrels of oil equivalent, approximately eight percent of our total production, and accounted for 11 percent of our year-end estimated proved reserves. During the year we participated in drilling 24 wells; generating eight productive gas wells and two productive oil wells.

During 2008, our Australian region plans to increase its exploration, appraisal and field development activities. Twenty-four exploration wells are expected to be drilled in 2008, targeting gas opportunities in the highly prospective Julimar-Brunello area, in the Carnarvon basin and prospects in the Gippsland basin, which targets both oil and gas opportunities. Two new development projects were sanctioned in 2007. Van Gogh, operated by Apache, is an oil discovery in the Exmouth basin that will be produced through a Floating Production Storage and Offloading tanker (FPSO) beginning in early 2009 with Apache’s share estimated at 20,000 b/d.We plan to drill 13 wells in the Van Gogh field in 2008 while work progresses on the FPSO and subsea components. Pyrenees, the second project and also in the Exmouth basin, is operated by BHP Billiton (BHP). This field will also be produced through an FPSO and should commence production in 2010 at an estimated 20,000 barrels per day net to Apache. Work will continue on the Reindeer gas discovery in the Carnarvon basin, with gas to be piped to shore for processing at a new gas plant located at Devil’s Creek beginning in 2010. Two development wells are planned for the field in 2008.