Apache Corporation Announces Significant Oil Discovery Offshore Suriname at Sapakara West-1
April 02 2020 - 9:15AM
Apache Corporation (NYSE, Nasdaq: APA) and Total S.A. (NYSE: TOT)
today announced a significant oil discovery at the Sapakara West-1
well drilled offshore Suriname on Block 58. The well was drilled
using the Noble Sam Croft with Apache as operator holding a 50%
working interest and Total holding a 50% working interest.
Sapakara West-1 was drilled to a depth of approximately 6,300
meters (20,700 feet), and successfully tested for the presence of
hydrocarbons in multiple stacked targets in the upper
Cretaceous-aged Campanian and Santonian intervals.
Preliminary fluid samples and test results indicate at least 79
meters (259 feet) of net oil and gas condensate pay in two
intervals. The shallower Campanian interval contains 13 meters (43
feet) of net gas condensate and 30 meters (98 feet) of net oil pay,
with API oil gravities between 35 and 40 degrees. The deeper
Santonian interval contains 36 meters (118 feet) of net oil-bearing
reservoir with API oil gravities between 40 and 45 degrees.
“Our second discovery offshore Suriname this year further proves
our geologic model and confirms a large hydrocarbon system in two
play types on Block 58. Based on a conservative estimate of net pay
across multiple fan systems, we have discovered another very
substantial oil resource with the Sapakara West-1 well,” said John
J. Christmann, Apache CEO and President. “Importantly, our data
indicates that the Sapakara West-1 well encountered a distinct fan
system that is separate from the Maka Central-1 discovery we
announced in January this year.”
Block 58 comprises 1.4 million acres and offers significant
potential beyond the discoveries at Sapakara West and Maka Central.
Apache has identified at least seven distinct play types and more
than 50 prospects within the thermally mature play fairway.
Upon completion of operations at Sapakara West-1, the Sam Croft
will move to the third prospect in Block 58, Kwaskwasi, which is
located approximately 10 kilometers (6 miles) northwest of Sapakara
West-1. The fourth exploration target is Keskesi, which will be
drilled approximately 20 kilometers (12 miles) southeast of
Sapakara West-1. Both exploration wells will test oil-prone upper
Cretaceous targets in the Campanian and Santonian intervals in
reservoirs that appear to be independent from the Maka and Sapakara
discoveries.
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,” “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.
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Contacts |
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Investor: |
(281) 302-2286 |
Gary Clark |
Media: |
(713) 296-7276 |
Phil West |
Website: |
www.apachecorp.com |
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A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/4aa0b031-1a00-496c-b9c0-1a8ba165d801
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