Jul 6, 2011
Apache Corp. (NASDAQ:APA) announced the results of two development wells completed in June at the company's Forties field in the UK sector of the North Sea.
Charlie 4-3 commenced production at a rate of 12,567 barrels of oil per day (b/d), which is the highest in the Forties since 1990 and follows the previously disclosed Charlie 2-2, completed in March with an initial production rate of 11,876 b/d. Delta 3-5 commenced production at 8,781 b/d.
The company acquired a new 4-D seismic survey over Forties during 2010, enhancing the company's ability to identify accumulations of by-passed oil within the field area.
James L. House, region vice president and managing director of Apache North Sea Ltd. said, "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."
Apache has a potential upside of 18.1% based on a current price of $124.49 and an average consensus analyst price target of $147.05.
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