Latest Apache North Sea Well Brought on Production at 10,500 Barrels/Day
HOUSTON, June 22, 2009 /PRNewswire-FirstCall via COMTEX News Network/ -- Apache Corporation (NYSE, Nasdaq: APA) said today that its Forties Charlie 6-3 well commenced production at a rate of 10,500 barrels of oil per day. The well is the seventh development well brought on production at Forties in 2009; its initial production rate is the field's highest since 1994.
These new wells are contributing to the field's current strong production of more than 70,000 barrels per day.
"The Forties Charlie 6-3 confirmed Apache's analysis of 4-D (time-lapse) seismic and reservoir engineering data, which highlighted the potential for similar stranded oil accumulations in close proximity to the Charlie platform," said Rod Eichler, Apache's co-chief operating officer and president - International. "Three similar targets are among Apache's current inventory of 79 drilling targets at Forties."
An eighth well - the Forties Alpha 2-5 - recently logged 115 feet of high-quality pay in the Delta-Echo Channel and the Upper Main sands. The well is being completed and is expected to commence production around July 1.
Since acquiring Forties in 2003, Apache has invested over $1.2 billion towards infrastructure-related projects that have significantly improved the field's operating efficiency and process system reliability. At the time of the acquisition, Forties was producing about 40,000 barrels per day.
Apache owns a 97.14-percent interest in Forties, which is the largest single oil accumulation discovered and is currently the second-highest producing field in the United Kingdom sector of the North Sea.
Apache 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, www.apachecorp.com.
This news release contains certain "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 including, without limitation, expectations, beliefs, plans and objectives regarding production and exploration activities. Any matters that are not historical facts are forward-looking and, accordingly, involve estimates, assumptions, risks and uncertainties, including, without limitation, risks, uncertainties and other factors discussed in our most recently filed Annual Report on Form 10-K, on our Web site and in our other public filings and press releases. There is no assurance that Apache's expectations will be realized, and actual results may differ materially from those expressed in the forward-looking statements. We assume no duty to update these statements as of any future date.
SOURCE Apache Corporation
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