Apache Announces First Oil From The North Sea's Tonto Field; Initial
Production Flow Exceeds 10,000 Barrels Per Day
HOUSTON, April 30, 2013
HOUSTON, April 30, 2013 /PRNewswire/ -- Apache Corporation (NYSE, Nasdaq: APA)
today announced that its Tonto oil field in the United Kingdom sector of the
North Sea commenced production on April 24, 2013.Tonto-1, the firstproducing
well, came on stream at an initial rate of 10,346 barrels of oil per day.
Apache holds a 100-percent working interest in the Tonto Field.
Tonto-1 was drilled as a deviated well from the Forties Bravo production
platform. The appraisal wellbore encountered 62 feet of net oil pay in an
Eocene-aged sandstone reservoir at a depth of 6,325 feet, which was followed
by a horizontal completion lateral that logged 243 feet (measured depth) of
net oil pay.
"Seismic inversion processing unlocked pay in the Tonto field, which lies
above the main Forties Paleocene reservoir," said James L. House, Apache's
regional vice president for the North Sea. "We penetrated Tonto several times
in wells targeting Forties. New seismic techniques enabled Apache's North Sea
geoscience team to gain a better understanding of Tonto and establish a
House noted that Apache has been working closely with the UK government to
commence production ahead of a new 3-D seismic survey that will be acquired
over Forties in July 2013. Tonto oil reserves produced in advance of this
survey will allow geoscientists to image production patterns within the Eocene
reservoir to optimize the placement of future Tonto producers. Drilling of an
additional development well is currently planned by year-end 2013 following
analysis of the 4-D (time lapse) seismic data.
Tonto follows Maule and Bacchus as the third new oil field brought online by
Apache in the Forties area within the last three years. All three of these
developments have qualified under the UK government's small field allowance
system, which provides economic incentives for operators to bring these
discoveries into production.
Apache Corporation is an 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, operational updates,
investor information and copies of all press releases on its website,
This 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" and similar references to future periods. These statements include,
but are not limited to, statements about seismic data acquisition, potential
drilling locations, planned drilling activity, future production, and
exploration prospects, and Apache's ability to execute on production and
development plans in the United Kingdom sector of the North Sea. 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 depends on
a number of risks and uncertainties that could cause our actual results,
performance and financial condition to differ materially from our
expectations. See "Risk Factors" in our 2012 Form 10-K and our subsequent
filings 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.
NOTE to editors:
A map and illustration of the Tonto development accompanying this news release
can be accessed at http://photos.prnewswire.com/prnh/20130430/DA04072.
SOURCE Apache Corporation
Contact: Media: (713) 296-6100 Patrick Cassidy, (713) 296-7276 Bill Mintz,
(281) 302-2646 John Roper, (713) 296-6662 Bob Dye; or Investors: (281)
302-2286, Brady Parish, Christopher Cortez, Alicia Reis, Website:
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