Apache Finds Oil At Garten Prospect In U.K. North Sea

(RTTNews) - Apache Corp. (APA) Friday announced a significant oil discovery on Block 9/18a Area-W in the United Kingdom sector of the North Sea.

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 Christmann, 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.