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U.S. Oil Explorer Makes Huge Discovery in Australia

Apache Corporation announced an oil discovery at the Phoenix South-1 well - the company's first discovery in Australia's offshore Canning Basin.

Six light oil samples have been recovered from three intervals to date; permeability measurements from the sampled zones indicate a productive oil reservoir with preliminary estimates that there might be as much as 300 million barrels of oil in place. The last major find in Australia was a 129 million barrel discovery back in 1999. This also continues a recent trend of new sources of oil being found in wealthy, developed countries. 

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