Apache Corp. (NYSE, Nasdaq: APA) has made discoveries on two exploration wells in the Beryl area of the UK North Sea. The company has also drilled two development wells in the Beryl area, from which no reserves have been previously booked. Additionally, Apache has made a discovery at its Seagull prospect, which lies 50 miles south of the company's Forties Field, the largest oil field in the UK North Sea.
The K and Corona wells are the first exploratory prospects drilled by Apache in the Beryl area. Each discovery proves a separate geologic concept that helps to de-risk additional drilling locations. Apache estimates that the K and Corona discoveries, combined with results at the Seagull discovery, represent likely net recoverable reserves of 50 million to more than 70 million barrels of oil equivalent (MMboe). Future appraisal drilling will enable the company to further define the upside potential beyond 70 MMboe. Apache's proved reserves in the North Sea at yearend 2014 were approximately 140 MMboe.