Hess Corporation (HES) Announces Glencoe-1 Natural Gas Discovery in Australia
Hess Corporation (NYSE: HES) announced that the Glencoe-1 exploration well on Australia's Northwest Shelf discovered natural gas in Upper Jurassic sandstones. The well encountered 92 feet (28 meters) of net gas pay, in line with pre-drill estimates and nearby Jurassic discoveries. Glencoe-1 is the first of four exploration wells being drilled on the WA-390-P Permit by Hess in 2008.
"While recognizing this well is only the first in our WA-390-P Permit, the result is very encouraging," said John O'Connor, Hess President of Exploration and Production.
Hess Corporation is a global integrated energy company engaged in the exploration, production, purchase, transportation and sale of crude oil and natural gas, as well as the production and sale of refined petroleum products.
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