This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Apache's Bid Round Successes Fuel Exploration In UK, Suriname

Stocks in this article: APA

HOUSTON, Nov. 1, 2012 /PRNewswire/ -- Apache Corporation (NYSE, Nasdaq: APA) said today that it has been awarded petroleum exploration acreage that will provide opportunities to find new resources near its core operations in the United Kingdom sector of the North Sea as well as a new entry in the Equatorial Margin play fairway offshore of the Republic of Suriname.

"Adding acreage to bolster Apache's drilling inventory in the North Sea and securing a high-potential exploration area offshore Suriname illustrate Apache's commitment to adding production and reserves through the drillbit," said Rodney J. Eichler, Apache's president and chief operating officer.

In the North Sea, the UK Department of Energy & Climate Change awarded 11 new licenses to Apache as operator and a nonoperated interest in one additional license. The licenses cover 19 full or partial blocks (613,316 gross acres or 2,482 square kilometers). Apache agreed to drill six wells and acquire a new 3-D seismic survey.

"This was a very successful outcome that will provide avenues for continued growth near our major producing assets as well as high-potential exploration targets in the Central Graben area of the North Sea," said James L. House, vice president and managing director of Apache's North Sea Region. "We obtained all of the available acreage around our Beryl Field plus a key license near the Forties Field."

The economic prospectivity of these areas was enhanced by recent improvements in the UK tax allowance schemes involving small fields and high-pressure, high-temperature fields, House said.

Apache plans to acquire its third 4-D seismic survey over the Forties area in 2013 since becoming the operator in 2003 and complete the remaining 560 km 2 of a new 1,500 km 2 3-D survey in the Beryl area in 2013 that was started this summer. This will be the first new 3-D seismic survey acquired over the Beryl complex since 1997.

In Suriname, Apache signed a production sharing agreement with Staatsolie Maatschappij Suriname NV – the national oil company – for Block 53, a 867,117-acre (3,509 km 2) area located in 1,640-5,900 feet (500-1,800 meters) of water about 80 miles (130 km) offshore.

Apache agreed to a work program that includes a 3-D seismic program expected to begin in 2013 and two exploration wells. Apache has a 100-percent participating interest in the block. Staatsolie has an option to obtain a 20-percent participating interest in commercial fields discovered on the block.

1 of 3

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,620.65 +263.78 1.52%
S&P 500 2,038.86 +25.97 1.29%
NASDAQ 4,709.3320 +65.02 1.40%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs