Apache Corporation Announces Major Oil Discovery in Block 58 Offshore Suriname at Kwaskwasi-1
July 29 2020 - 4:53PM
Apache Corporation (Nasdaq: APA) and Total S.A. (NYSE: TOT) today
announced a major oil discovery at the Kwaskwasi-1 well drilled
offshore Suriname in 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.
Kwaskwasi-1 was drilled to a depth of approximately 6,645 meters
(21,800 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 278
meters (912 feet) of net oil and volatile oil / gas condensate pay
in two intervals. 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. Based on samples taken, the API
oil gravities are between 34 and 43 degrees. The deeper Santonian
interval contains 129 meters (423 feet) of net hydrocarbon
reservoir. The team is still collecting data on API oil gravities
in the Santonian.
“We are thrilled with the results from the Kwaskwasi-1
exploration well. This is the best well we’ve drilled in the basin
to date, with the highest net pay in the best quality reservoirs,”
said John J. Christmann, Apache CEO and President. “While we have a
lot more work to do, a discovery of this quality and magnitude
merits a pace of evaluation that enables the option of accelerated
first production.”
Block 58 comprises 1.4 million acres and offers significant
potential beyond the discoveries at Kwaskwasi, 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 Kwaskwasi-1, the Sam Croft will
move to the fourth prospect in Block 58, Keskesi, which is located
approximately 14 kilometers (9 miles) southeast of Sapakara West-1.
The Keskesi exploration well will test oil-prone upper Cretaceous
targets in the Campanian and Santonian.
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
APA-VAPA-G
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/70a9689e-dd7b-463b-9d1a-03e01f06cfae
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