APA Corporation Provides Update on Keskesi East-1 Discovery Well in Block 58 Offshore Suriname; Drillship to be Released as P...
APA Corporation (Nasdaq: APA) and Total S.A. (NYSE: TOT) today
updated the operational status of the Keskesi East-1 discovery well
As announced on Jan. 14, 2021, Keskesi East-1 discovered oil,
volatile oil and condensate in the Upper Cretaceous-aged Campanian
and Santonian intervals and, subsequently, continued drilling
toward deeper Neocomian-aged targets. As drilling progressed, the
well encountered substantial pressure increases that APA and Total
determined could ultimately exceed the capabilities of the wellbore
design and pressure control equipment. Consequently, the partners
decided to conclude drilling operations at Keskesi before reaching
the Neocomian targets. Information gathered from this well will be
used to design a wellbore and drilling program that will ensure a
safe test of the deep Neocomian targets in future exploration
and/or appraisal operations.
The additional drilling at the Keskesi East-1 well encountered
hydrocarbons in the Lower Cretaceous interval and a carbonate
depositional system above the top Neocomian target, both of which
help to validate the partners’ geologic models. While encouraging,
this data does not reveal specific information about the Neocomian
With the completion of operations at Keskesi East-1, the Noble
Sam Croft drillship will be released as planned. Pursuant to the
terms of its joint venture agreement, APA transferred operatorship
of Block 58 to Total S.A. on Jan. 1, 2021. APA holds a 50% working
interest in Block 58 and Total holds the remaining 50% working
APA Corporation, through its consolidated subsidiaries, explores
for and produces oil and gas with operations in the United States,
Egypt and the United Kingdom and exploration activities 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.
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’s Form 10-K for the year ended
December 31, 2020, filed with the Securities and Exchange
Commission on February 25, 2021, 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.