Apache Corporation and Total S.A. Announce Significant Oil Discovery Offshore Suriname
January 07 2020 - 7:00AM
Apache Corporation (NYSE, Nasdaq: APA) and Total S.A. (NYSE: TOT)
today announced a significant oil discovery at the Maka Central-1
well drilled offshore Suriname on Block 58. The well was drilled
using the drillship Noble Sam Croft with Apache as operator holding
a 50% working interest and Total holding a 50% working interest.
Maka Central-1 successfully tested for the presence of
hydrocarbons in multiple stacked targets in the upper
Cretaceous-aged Campanian and Santonian intervals and encountered
both oil and gas condensate. The formation evaluation program
included logging-while-drilling and wireline logs, formation
pressures, and preliminary core and fluid analysis. Together with
future appraisal wells, this data will be used to quantify the
resource in the Campanian and Santonian formations.
The shallower Campanian interval contains 50 meters (164 feet)
of net hydrocarbon-bearing reservoir. Preliminary fluid samples and
test results indicate light oil and gas condensate with API
gravities between 40 and 60 degrees.
The deeper Santonian interval contains 73 meters (240 feet) of
net oil-bearing reservoir. Preliminary fluid samples and tests
results indicate API oil gravities between 35 and 45 degrees.
The Maka Central-1 also targeted a third interval, the Turonian,
a geologic analogue to oil discoveries offshore West Africa. Prior
to reaching this interval, the well encountered significantly
over-pressured, oil-bearing reservoirs in the lower Santonian, and
the decision was made to conclude drilling at approximately 6,300
meters (20,670 feet). The pressures encountered in the lower
Santonian are a positive sign for the Turonian and future drilling
will test this interval.
“We are very pleased with results from Maka Central-1. The well
proves a working hydrocarbon system in the first two play types
within Block 58 and confirms our geologic model with oil and
condensate in shallower zones and oil in deeper zones. Preliminary
formation evaluation data indicates the potential for prolific oil
wells. Additionally, the size of the stratigraphic feature, as
defined by 3-D seismic imaging, suggests a substantial resource,”
said John J. Christmann, Apache CEO and President.
“Block 58 comprises 1.4 million acres and offers significant
potential beyond the discovery at Maka Central. We have identified
at least seven distinct play types and more than 50 prospects
within the thermally mature play fairway. In partnership with
Total, we look forward to advancing both exploration and
development of discoveries on the block,” Christmann said.
The Sam Croft will drill the next wells in Block 58, starting
with the Sapakara West prospect. Sapakara West-1, located
approximately 20 kilometers (12 miles) southeast of the Maka
Central discovery, will test oil-prone upper Cretaceous targets in
the Campanian and Santonian intervals.
About Apache
Apache Corporation is an oil and gas exploration and production
company with operations in the United States, Egypt and the United
Kingdom. 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,” “estimates,” “expects,”
“guidance,” “outlook,” “projects,” “potential,” “will,” and similar
references to future periods. 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 2018 Form 10-K
filed with the U.S. Securities and Exchange Commission (“SEC”) for
a discussion of risk factors that affect our business. Any
forward-looking statement made by us 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. We
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.
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, 2018, 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 Clark |
Media: |
(713) 296-7276 |
Phil West |
Website: |
www.apachecorp.com |
APA-VAPA-G
Apache (NYSE:APA)
Historical Stock Chart
From Aug 2024 to Sep 2024
Apache (NYSE:APA)
Historical Stock Chart
From Sep 2023 to Sep 2024