HOUSTON (Bloomberg) -- Apache Corp., the U.S. oil producer weighing plans to sell international assets after investor pressure, announced the largest discovery in 20 years off the coast of Western Australia. The Canning basin may hold as many as 300 MMbbl of oil, according to six samples from a well about 110 miles (180 km) north of Port Hedland, the Houston, Texas-based company said in a statement. Apache holds a 40% stake in the area that includes the Phoenix South-1 well. One of its partners, Carnarvon Petroleum Ltd., rose the most in 24 years on the news.
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Apache find in Australia may boost possible sale value
![Apache find in Australia may boost possible sale value]()
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