Apache Corporation Announces Significant New Discovery at Garten Prospect in U.K. North Sea
March 23 2018 - 1:32PM
Apache Corporation (NYSE:APA) (Nasdaq:APA) today announced a
significant oil discovery on Block 9/18a Area-W in the United
Kingdom sector of the North Sea. Garten is located 6 kilometers
south of the Beryl Alpha Platform.
The Garten discovery well targeted a downthrown
structural closure and encountered more than 700 feet of net oil
pay in stacked, high quality Jurassic-aged sandstone reservoirs.
Recoverable resource is expected to exceed 10 million barrels of
light oil, which is at the high end of predrill estimates. Apache
has a 100 percent working interest in the Garten block.
John J. Christmann IV, Apache’s chief executive
officer and president, said, “The Garten discovery marks our fourth
commercial discovery in the Beryl area in the past three years
spanning several play types ranging from the Tertiary to the
Triassic. Apache’s strategy to focus on exploration near operated
facilities is set to deliver significant production without the
long cycle time of large scale projects.”
The Garten discovery well will be suspended as a
future producer and tied back to the Beryl Alpha platform. Apache
is working closely with the Oil and Gas Authority (OGA) to obtain
the regulatory approvals to initiate production, which is
anticipated in the first quarter of 2019.
Dr. Andy Samuel, chief executive at the Oil and
Gas Authority said, “Garten marks the 2500th offshore exploration
well on the UK Continental Shelf and is an excellent start for
exploration drilling in 2018. Apache has created new opportunities
by consistently investing in high-quality 3D seismic data to
uncover near-field prospectivity around the prolific Beryl Field.
Modern data and the application of new technologies are key to
stimulating exploration and successfully delivering the full
potential of the UKCS.”
About ApacheApache Corporation
is an oil and gas exploration and production company with
operations in the United States, Egypt and the United Kingdom.
Apache posts announcements, operational updates, investor
information and copies of all press releases on its website,
www.apachecorp.com, and on its Media and Investor Center mobile
application, which is available for free download from the Apple
App Store and the Google Play store.
Forward-looking statementThis
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," "guidance," "outlook,"
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, including statements about
our capital plans, drilling plans, production expectations, asset
sales, and monetizations. 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 2017 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.
ContactsInvestor: (281)
302-2286 Gary ClarkMedia: (713) 296-7276
Castlen
Kennedy
Website: www.apachecorp.com
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