APA Corporation Announces Appraisal Drilling Success Offshore Suriname in Block 58
July 29 2021 - 8:00AM
APA Corporation (Nasdaq: APA) today announced drilling success and
updated the status of its appraisal program offshore Suriname in
Block 58. As previously noted, the primary objective of the first
phase of the appraisal drilling program is to deliver a fast-track,
black oil development.
Sapakara South-1, an appraisal well located on the eastern edge
of the Sapakara area, encountered approximately 30 meters (98 feet)
of net black oil pay in a single zone of high-quality
Campano-Maastrichtian reservoir. This result marks another
important step toward a commercial oil development in the southeast
portion of Block 58. The Maersk Valiant will soon mobilize to the
next exploration prospect at Bonboni, approximately 45 kilometers
to the north, before returning later in the year to flow test
Sapakara South-1.
A second appraisal well encountered two thin intervals of black
oil above water in the Campano-Maastrichtian at Kwaskwasi,
impacting a small portion of the eastern edge of Kwaskwasi. The
Campano-Maastrichtian intervals at Kwaskwasi and the Sapakara
South-1 discovery are separate and unrelated.
APA Corporation President and CEO John J. Christmann IV
commented, “We are very encouraged by the initial appraisal, having
confirmed 30 meters of a single, blocky sand that is full to base
with black oil. These are the characteristics necessary to
accelerate development in this area of Block 58, which has high
prospect density. We are excited to explore the northern portion of
the block at Bonboni and look forward to continuing our appraisal
program, including a flow test of Sapakara South-1 before
year-end.”
APA Suriname holds a 50% working interest in Block 58, with
TotalEnergies, the operator, holding a 50% working interest.
About APA
APA Corporation owns consolidated subsidiaries that explore for
and produce oil and gas in the United States, Egypt and the United
Kingdom and that explore for oil and gas offshore Suriname. APA
posts announcements, operational updates, investor information and
press releases on its website, www.apacorp.com. Specific
information concerning Suriname, ESG performance and other
investor-related topics are posted at investor.apacorp.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
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 Apache Corporation’s Form 10-K for the year
ended December 31, 2020, filed with the Securities and Exchange
Commission on February 25, 2021, and in our quarterly reports on
Form 10-Q for a discussion of risk factors that affect our
business. Any forward-looking statement made 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. APA
and Apache Corp. undertake 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.
Contacts |
|
|
Investor: |
(281) 302-2286 |
Gary Clark |
Media: |
(713) 296-7276 |
Phil West |
Website: |
www.apacorp.com |
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