HOUSTON, July 6, 2011 /PRNewswire/ -- Apache Corporation (NYSE, Nasdaq: APA) today announced the results of two development wells completed in June at the company's Forties field in the UK sector of the North Sea.
Apache acquired a new 4-D (time-lapse) seismic survey over Forties during 2010, which enhances the company's ability to identify accumulations of by-passed oil within the field area. Charlie 4-3 and Delta 3-5, the eighth and ninth development wells brought on production at Forties during 2011, successfully targeted two of these accumulations. Additional 4-D driven targets are being identified across the field. Apache expects to drill a total of 16 wells in the Forties field during 2011.
"The safe and very successful delivery of our 2011 drilling program reflects the experience, teamwork, technical skill and commitment of the Apache North Sea region," said James L. House, region vice president and managing director of Apache North Sea Ltd.
When Apache acquired Forties in 2003, the field was producing 40,000 b/d. With the onset of these new wells in mid-June, gross daily production rates have reached as high as 70,000 barrels of oil equivalent, even with output constraints due to construction projects and temporary pipeline closures. At the Charlie platform alone, Apache development drilling has increased production from a low of less than 5,000 b/d in 2006 to a present rate of approximately 30,000 b/d. Apache expects full transmission capacity to become available during the third quarter as planned repair and maintenance work is completed and the Bravo pipeline comes back online.
Apache owns a 97.14 percent interest in the Forties field. Forties is the largest single oil accumulation discovered in the United Kingdom sector of the North Sea and 40 years after its discovery is the second-highest producing oil field.
Apache Corporation is an independent 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, updates and investor information, in addition to copies of all recent press releases, on its Web site, http://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 include statements about planned drilling activity, future production, and exploration prospects in the United Kingdom sector of the North Sea. 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 2010 Form 10-K as amended by Amendment No. 1 to our annual report on Form 10-K/A 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