Apache Continues to Infuse New Life Into UK's North Sea
Beryl Field well test flows at rates exceeding 9,000 barrels of oil equivalent per day (boe/d)
Jacket for Alpha Satellite Platform arrives at Forties Field
Apache Corporation (NYSE, Nasdaq: APA) announced today that it continues to add new life into UK’s North Sea, as the Beryl Bravo B73y development well tests at 8,161 barrels of oil per day (bo/d) and 5.9 million cubic feet of gas per day (MMcf/d).
Apache also reached a major milestone toward the installation of a satellite production platform that will help extend the life of the Forties Field by nearly two decades.
The B73y well tested a Nansen reservoir containing 71 feet of net oil pay and began producing at the end of August. The well also encountered 245 feet of net pay in three additional zones that will be produced at a later date. Apache has a 50 percent interest in the B73y well, which is a follow up to the previously disclosed B72 well that tested in excess of 11,600 bo/d and 13 MMcf/d in May 2012. Similarly, the B72 encountered additional pay behind pipe that will be produced at a later date.
“Our early drilling results at the Beryl field have been excellent,” said G. Steven Farris, Apache chairman and chief executive officer, “and we continue to move forward in assimilating the Mobil North Sea assets acquired at the end of 2011.”
In addition, 3-D seismic surveys of the Beryl Field began in early August and when completed in mid-October will further refine Apache’s future drilling plans there.
The added volumes from the B73y well will mitigate scheduled downtime of other assets in the North Sea from July to September.
Apache also announced today that the jacket for the Forties Alpha Satellite Platform (FASP) has arrived at the Forties Field in the North Sea to become a bridged-linked processing facility and drilling platform. The fully commissioned topside and 90 meter bridge link are scheduled to be delivered during the second quarter of 2013.
FASP will provide Apache with full-fluid processing and contain 18 new production well slots that will facilitate additional drilling in the field commencing in the third quarter of 2013.
Apache acquired the Forties Field in 2003, which the previous operator had forecasted would cease producing this year.
“What’s extra special about FASP is Apache is adding another platform in 2012 when the field was projected to have reached the end of its life,” said Jim House, Apache’s UK North Sea region vice president. “Apache originally purchased 144 MMBoe of proved reserves within the Forties Field at a cost of $667 million and has now produced nearly 190 MMBoe and still has 130 MMboe of proven reserves yet to deliver.”
Apache has invested approximately $4.3 billion in the Forties field, adding an estimated 18 years to the field’s life.
A new 3-D seismic acquisition survey is planned for 2013 over the Forties Field area that will be converted to a 4-D interpretation, which has been a key driver of success for locating bypassed or un-swept oil reserves.
Apache Corporation is an oil and gas exploration and production company with operations in the United States, Canada, Egypt, the United Kingdom North Sea, Australia and Argentina. Apache posts announcements, operational updates, investor information and copies of all press releases on its website, www.apachecorp.com.
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects” and similar references to future periods. These statements include, but are not limited to, statements about future plans, expectations, and objectives for Apache’s operations in UK’s North Sea including statements about drilling plans and future production growth. While forward-looking statements are based on assumptions and analyses made by us that we believe to be reasonable under the circumstances, whether actual results and developments will meet our expectations and predictions depend on a number of risks and uncertainties which could cause our actual results, performance, and financial condition to differ materially from our expectations. See “Risk Factors” in our 2011 Form 10-K filed with the Securities and Exchange Commission for a discussion of risk factors that affect our business. Any forward-looking statement made by us in this news release speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future development, or otherwise, except as may be required by law.
SOURCE Apache Corporation
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