Last week, the Apache Corporation revealed its new shale deposit in West Texas, calling it Alpine High. Current estimates show the deposit to be worth over $8 billion, containing over three billion barrels of oil and 75 trillion cubic feet of natural gas.
Apache has located over 2000 drilling sites, each estimated to be worth between $4 and $20 million. It is possible that the site could even surpass the $8 billion estimate. As a result, Apache stock jumped 10% as of two days after the announcement. Production is expected to start slow due to limited infrastructure, but will ramp up quickly as more is put into place allowing more wells to be drilled. Currently, 19 wells have been drilled and are in production. A temporary processing facility will be constructed later this year.
The Apache Corporation does not have as well established a reputation as some other shale companies, so they will need to prove themselves capable of the task. They attribute the success of their find to intense technical work including 3D seismic research.
Source: CNN Money
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