Oil and gas firm Apache Corp has confirmed that it has made a 300 million barrel oil discovery off the coast of Western Australia, according to news site Reuters.
It said drilling at the Phoenix South-1 well in the Canning Basin had found at least four separate oil columns, with light oil samples taken.
“Although evaluation is at an early stage, Phoenix South-1 is an exciting result,” Apache’s international chief operating officer, Thomas Voytovich, said in a statement.
“If these results are borne out by further appraisal drilling, Phoenix South may represent a new oil province for Australia,” he said.
U.S.-based Apache Corp, which is currently considering selling its Australian assets, said it would continue to evaluate the area with its partners Carnarvon Petroleum Ltd , Finder Exploration and JX Nippon.
