HOUSTON, -- Apache Corporation announced that it has reached a definitive agreement with Australia-based ROC Oil Company Limited to sell Apache's 24.5 percent interest in China's producing Zhao Dong block for US$260 million.
The effective date of the transaction is July 1, 2006. It is expected to close in the second half of this year. The company expects to record a gain on the sale.
Apache CEO and President G. Steven Farris said, "These are quality assets; however, after reviewing our prospects for growth, we have determined that China is not strategic to our global portfolio and therefore have elected to redeploy our efforts and capital to Apache's core areas."
About: Apache is a large oil and gas independent with operations in the United States, Canada, the United Kingdom North Sea, Egypt and Australia.
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