Apache Corporation Provides Update on Kwaskwasi-1 Discovery Well in Block 58 Offshore Suriname; Operations Commenced at Next ...
September 14 2020 - 8:31AM
Apache Corporation (Nasdaq: APA) and Total S.A. (NYSE: TOT) today
provided an update to the technical evaluation of the Kwaskwasi-1
discovery well offshore Suriname.
As previously announced, Kwaskwasi-1 discovered hydrocarbons in
multiple stacked targets in the upper Cretaceous-aged Campanian and
Santonian intervals. The well encountered 278 meters (912 feet) of
net oil and volatile oil/gas condensate pay. The shallower
Campanian interval contains 63 meters (207 feet) of net oil pay and
86 meters (282 feet) of net volatile oil/gas condensate
pay. The Santonian interval contains 129 meters (423 feet) of
net pay. Fluid samples from the Campanian validated the presence of
oil with API gravities between 34 and 43 degrees.
Since the discovery announcement on July 29, 2020, the Noble Sam
Croft drillship has gathered reservoir and other technical data in
the Santonian. The company was able to successfully retrieve rotary
sidewall cores but was unable to collect representative fluid
samples from the reservoir due to conditions caused by cementing
operations, which were required to mitigate increased pressure
below the base of the Santonian formation. Hydrocarbon shows were
observed in the Santonian reservoirs, and the results of the
formation evaluation indicate the presence of oil.
The Noble Sam Croft has commenced operations at the Keskesi
East-1 exploration well approximately 14 kilometers (9 miles)
southeast of Sapakara West-1. The Keskesi well will test upper
Cretaceous targets in the Campanian and Santonian.
Apache holds a 50% working interest in Block 58 and will
continue to be the operator through the completion of the Keskesi
well. Total S.A. holds the remaining 50% working interest.
About Apache
Apache Corporation is an oil and gas exploration and production
company with operations in the United States, Egypt and the United
Kingdom and exploration activities offshore Suriname. Apache posts
announcements, operational updates, investor information and copies
of all press releases on its website, www.apachecorp.com.
Forward-looking statements
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,” “continues,” “could,”
“estimates,” “expects,” “guidance,” “may,” “might,” “outlook,”
“possibly,” “potential,” “projects,” “prospects,” “should,” “will,”
“would,” and similar references to future periods, but the absence
of these words does not mean that a statement is not
forward-looking. These statements include, but are not limited to,
statements about future plans, expectations and objectives for
Apache’s operations, including statements about our capital plans,
drilling plans, production expectations, asset sales, and
monetizations. 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 depend on a
number of risks and uncertainties which could cause our actual
results, performance, and financial condition to differ materially
from our expectations. See "Risk Factors" in our 2019 Form 10-K and
in our quarterly reports on Form 10-Q filed with the Securities and
Exchange Commission ("SEC") for a discussion of risk factors that
affect our business. Any forward-looking statement made by Apache
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. Apache undertakes 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.
Cautionary note to investors
The SEC permits oil and gas companies, in their
filings with the SEC, to disclose only proved, probable, and
possible reserves that meet the SEC's definitions for such
terms. Apache may use certain terms in this release, such as
"resources," "potential resources," "resource potential,"
"estimated net reserves," "recoverable reserves," and other similar
terms that the SEC guidelines strictly prohibit Apache
from including in filings with the SEC. Such terms do not take
into account the certainty of resource recovery, which is
contingent on exploration success, technical improvements in
drilling access, commerciality and other factors, and are therefore
not indicative of expected future resource recovery and should not
be relied upon. Investors are urged to consider carefully the
disclosure in Apache's Annual Report on Form 10-K for
the fiscal year ended Dec. 31, 2019, available from Apache
at www.apachecorp.com or by writing Apache at: 2000 Post
Oak Blvd., Suite 100, Houston, TX 77056 (Attn: Corporate
Secretary). You can also obtain this report from
the SEC by calling 1-800-SEC-0330 or from the SEC's
website at www.sec.gov.
Contacts
Investor: (281)
302-2286 Gary ClarkMedia:
(713) 296-7276 Phil
West
Website: www.apachecorp.com
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