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Apache Continues To Infuse New Life Into UK's North Sea

Stocks in this article: APA

HOUSTON, Sept. 5, 2012 /PRNewswire/ -- 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.

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