March 19 Energy XXI Ltd said it has
entered into an agreement with Apache Corp to explore
for oil and gas in shallower waters in the central Gulf of
The agreement spans several salt domes within a 135 block
Energy XXI also said it has acquired a 25 percent stake in
21 non-producing leases with Apache and a new seismic program is
underway to define the potential of the area of interest.
Earlier on Tuesday, Anadarko Petroleum Corp said it
has discovered a large amount of oil at its Shenandoah-2 well in
the deepwater Gulf of Mexico.
Anadarko's partners in the oil field include ConocoPhillips
and Marathon Oil Corp.
Apache, which has a market value of $29.66 billion, also
drills for oil and gas in Canada, Egypt, Britain, North Sea,
Australia and Argentina.
Shares of Energy XXI, which has a market value of $2.49
billion, closed at $30.04 on the Nasdaq on Tuesday. Apache
shares closed at $74.66 on the New York Stock Exchange.