APA Corporation Announces First Discovery in Block 53 Offshore Suriname; Provides Update on Block 58 Operations
August 23 2022 - 7:00AM
APA Corporation (Nasdaq: APA) today announced an oil discovery
offshore Suriname at Baja-1 in Block 53 and provided an update on
recent drilling operations at Dikkop-1 in Block 58.
Block 53Baja-1 was drilled to a depth of 5,290 meters (17,356
feet) and encountered 34 meters (112 feet) of net oil pay in a
single interval within the Campanian. Preliminary fluid and log
analysis indicates light oil with a gas-oil ratio (GOR) of 1,600 to
2,200 standard cubic feet per barrel, in good quality reservoir.
The discovery at Baja-1 is a down-dip lobe of the same depositional
system as the Krabdagu discovery, 11.5 kilometers to the west in
Block 58. Evaluation of open-hole well logs, cores and reservoir
fluids is ongoing.
“Our success at Baja marks the 6th oil discovery we have
participated in offshore Suriname, and the first on Block 53,” said
John J. Christmann, APA CEO and president. “This result confirms
our geologic model for the Campanian in the area and helps to
de-risk other prospects in the southern portion of both Blocks 53
and 58.”
APA recently received regulatory approval regarding an amendment
to the Block 53 Production Sharing Contract (PSC), which provides
options to extend the exploration period of the PSC by up to four
years. The company is currently progressing the formalization of
the election of the first one-year extension, for which all work
commitments are complete.
APA is operator and holds a 45% working interest in Block 53,
with Petronas holding a 30% working interest and CEPSA holding a
25% working interest. Baja-1 was drilled using the Noble Gerry de
Souza in water depths of approximately 1,140 meters (3,740 feet).
The drillship will mobilize to Block 58 following the completion of
current operations, where it will drill the Awari exploration
prospect, approximately 27 kilometers (north) of the Maka Central
discovery.
Block 58APA also announced that operations have concluded on the
Dikkop exploration well in Block 58. The well encountered
water-bearing sandstones in the targeted interval and has been
plugged and abandoned. TotalEnergies is the operator with a 50%
working interest, and APA holds the remaining 50% working interest.
The drillship Maersk Valiant will be moving to the Sapakara field
to drill a second appraisal well at Sapakara South, where the joint
venture conducted a successful flow test late last year.
About APA APA Corporation owns consolidated
subsidiaries that explore for and produce oil and natural gas in
the United States, Egypt and the United Kingdom and that explore
for oil and natural gas offshore Suriname and the Dominican
Republic. APA posts announcements, operational updates, investor
information and press releases on its website, www.apacorp.com.
Additional details regarding Suriname, ESG performance and other
investor-related topics are posted at investor.apacorp.com.
Forward-Looking StatementsThis 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 APA’s Form 10-K for the year ended
December 31, 2021, and in our quarterly reports on Form 10-Q,
filed with the Securities and Exchange Commission 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 its subsidiaries 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 |
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Investor: (281) 302-2286 |
Gary Clark |
Media: (713) 296-7189 |
Castlen Kennedy |
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Website: www.apacorp.com |
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