Apache makes huge oil discovery

By Mitchell Neems and Dow Jones newswires

Shares in Carnarvon Petroleum, one of three junior partners in the venture, more than doubled to a three-year high on the news. "This is the most significant new oil play in the North West Shelf since the Enfield discovery opened up the Exmouth Basin almost 20 years ago," said Adrian Cook, managing director of Canarvon, which has a 20 per cent stake in the project. "The implications on the rest of our acreage are still being assessed, but the potential is extraordinary," he said.

Read more here: Business Spectator


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