One of the major players in the planned Kitimat liquefied natural gas (LNG) export terminal, Apache Corp. (NYSE, Nasdaq:APA), has identified an "outstanding" new shale play in the Liard Basin in northern B.C.
The Texas-based company estimates the discovery at 48 trillion cubic feet of natural gas across 430,000 acres held with a 100% working interest.
The estimate at Liard, a largely unexplored expanse of land, is based on recent drilling, test results and earlier well control points.
G. Steven Farris, Apache's chairman and CEO, said, "The D-34-K well is one of the best shale wells we've seen in any play.
"Our analysis indicates that the formation characteristics are remarkably consistent across this large basin."
The Kitimat LNG project has been granted a 20-year export licence to ship liquefied natural gas (LNG) from Canada to Asia-Pacific markets.
Project partners are Apache Canada Ltd., EOG Resources Inc. (NYSE: EOG) and EnCana Corp. (TSX: ECA).
