How to get the physical location of an ASP.NET web application without using HttpContext.Current?

I’ve found myself having a requirement to configure log4net based on a file relative to the physical location of the running ASP.NET web application. We like to start the logger as early as possible, so Application_Start seems a proper place. In IIS6, this works fine and has been running for ages, but now we moved to IIS7 and this won’t work anymore: