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Apache (APA) Finds Oil at Garten Prospect in UK North Sea
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Apache Corporation (APA - Free Report) recently announced that it has made an oil discovery at its Garten prospect on Block 9/18a Area-W of the North Sea. The significant finding falls in the United Kingdom sector, near the Beryl Alpha Platform, where the independent energy company is focused for future potential.
Discovery Details
The Garten prospect encountered more than 700 feet of net oil pay in its reservoirs. Per the company, the recoverable resource from the prospect can surpass 10 million barrels of light oil - at the upper-end mark of its pre-drill measures. Apache owns a 100% working interest in the prospect. The new find is the 2500th exploration well off the coast in the UK Continental Shelf. Apache has used modern data and technologies to discover new possibilities in the area, per its latest efforts to improve capital efficiency.
Notably, the latest discovery is Apache's fourth commercial find in the Beryl region in the preceding three years. The well, located 6 kilometers south of the Beryl Alpha platform, will be tied back to the facility. This is in line with the company’s strategy of focusing on exploration near its already operated fields to avoid the long cycle time of large-scale projects. Apache is working with the U.K. Oil and Gas Authority for achieving regulatory approvals of production in the Garten prospect, which is expected in 2019's first quarter.
About the Company
Founded in 1954, Apache is one of the world's leading independent energy companies engaged in the exploration, development and production of natural gas, crude oil, and natural gas liquids. The company has a large geographically diversified reserve base and multi-year trends in reserve replacement. As of year-end 2017, Apache had a proved reserve base of 1.175 billion oil-equivalent barrels. The company has its headquarters in Houston, TX.
Price Performance
Apache has lost 25.5% last year compared with 7.8% fall of its industry.
Zacks Rank and Stocks to Consider
Apache carries a Zacks Rank #3 (Hold).
A few better-ranked stocks in the oil and energy sector are Pioneer Natural Resources Company , Continental Resources, Inc. EOG Resources, Inc. (EOG - Free Report) , each carrying a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Irving, TX-based Pioneer Natural is an independent oil and gas exploration and production company. Its revenues for first-quarter 2018 are anticipated to improve 23.7% from the prior-year quarter. The company witnessed a positive average earnings surprise of 66.9% in the trailing four quarters.
Oklahoma City, OK-based Continental Resources is an oil and gas exploration and production company. Its revenues for first-quarter 2018 are expected to improve 54.9% from the year-ago quarter. For 2018, the bottom line is anticipated to be up 366.7%.
Houston, TX-based EOG Resources is an upstream energy player. Its earnings for 2018 are anticipated to improve 278.6% year over year. The company witnessed a positive average earnings surprise of 25.7% in the trailing four quarters.
5 Medical Stocks to Buy Now
Zacks names 5 companies poised to ride a medical breakthrough that is targeting cures for leukemia, AIDS, muscular dystrophy, hemophilia, and other conditions.
New products in this field are already generating substantial revenue and even more wondrous treatments are in the pipeline. Early investors could realize exceptional profits.
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Apache (APA) Finds Oil at Garten Prospect in UK North Sea
Apache Corporation (APA - Free Report) recently announced that it has made an oil discovery at its Garten prospect on Block 9/18a Area-W of the North Sea. The significant finding falls in the United Kingdom sector, near the Beryl Alpha Platform, where the independent energy company is focused for future potential.
Discovery Details
The Garten prospect encountered more than 700 feet of net oil pay in its reservoirs. Per the company, the recoverable resource from the prospect can surpass 10 million barrels of light oil - at the upper-end mark of its pre-drill measures. Apache owns a 100% working interest in the prospect. The new find is the 2500th exploration well off the coast in the UK Continental Shelf. Apache has used modern data and technologies to discover new possibilities in the area, per its latest efforts to improve capital efficiency.
Notably, the latest discovery is Apache's fourth commercial find in the Beryl region in the preceding three years. The well, located 6 kilometers south of the Beryl Alpha platform, will be tied back to the facility. This is in line with the company’s strategy of focusing on exploration near its already operated fields to avoid the long cycle time of large-scale projects. Apache is working with the U.K. Oil and Gas Authority for achieving regulatory approvals of production in the Garten prospect, which is expected in 2019's first quarter.
About the Company
Founded in 1954, Apache is one of the world's leading independent energy companies engaged in the exploration, development and production of natural gas, crude oil, and natural gas liquids. The company has a large geographically diversified reserve base and multi-year trends in reserve replacement. As of year-end 2017, Apache had a proved reserve base of 1.175 billion oil-equivalent barrels. The company has its headquarters in Houston, TX.
Price Performance
Apache has lost 25.5% last year compared with 7.8% fall of its industry.
Zacks Rank and Stocks to Consider
Apache carries a Zacks Rank #3 (Hold).
A few better-ranked stocks in the oil and energy sector are Pioneer Natural Resources Company , Continental Resources, Inc. EOG Resources, Inc. (EOG - Free Report) , each carrying a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Irving, TX-based Pioneer Natural is an independent oil and gas exploration and production company. Its revenues for first-quarter 2018 are anticipated to improve 23.7% from the prior-year quarter. The company witnessed a positive average earnings surprise of 66.9% in the trailing four quarters.
Oklahoma City, OK-based Continental Resources is an oil and gas exploration and production company. Its revenues for first-quarter 2018 are expected to improve 54.9% from the year-ago quarter. For 2018, the bottom line is anticipated to be up 366.7%.
Houston, TX-based EOG Resources is an upstream energy player. Its earnings for 2018 are anticipated to improve 278.6% year over year. The company witnessed a positive average earnings surprise of 25.7% in the trailing four quarters.
5 Medical Stocks to Buy Now
Zacks names 5 companies poised to ride a medical breakthrough that is targeting cures for leukemia, AIDS, muscular dystrophy, hemophilia, and other conditions.
New products in this field are already generating substantial revenue and even more wondrous treatments are in the pipeline. Early investors could realize exceptional profits.
Click here to see the 5 stocks >>