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HOUSTON, July 29, 2021 (GLOBE NEWSWIRE) -- APA Corporation (Nasdaq: APA) today announced drilling success and updated the status of its appraisal program offshore Suriname in Block 58. As previously noted, the primary objective of the first phase of the appraisal drilling program is to deliver a fast-track, black oil development.
Sapakara South-1, an appraisal well located on the eastern edge of the Sapakara area, encountered approximately 30 meters (98 feet) of net black oil pay in a single zone of high-quality Campano-Maastrichtian reservoir. This result marks another important step toward a commercial oil development in the southeast portion of Block 58. The Maersk Valiant will soon mobilize to the next exploration prospect at Bonboni, approximately 45 kilometers to the north, before returning later in the year to flow test Sapakara South-1.
A second appraisal well encountered two thin intervals of black oil above water in the Campano-Maastrichtian at Kwaskwasi, impacting a small portion of the eastern edge of Kwaskwasi. The Campano-Maastrichtian intervals at Kwaskwasi and the Sapakara South-1 discovery are separate and unrelated.
APA Corporation President and CEO John J. Christmann IV commented, “We are very encouraged by the initial appraisal, having confirmed 30 meters of a single, blocky sand that is full to base with black oil. These are the characteristics necessary to accelerate development in this area of Block 58, which has high prospect density. We are excited to explore the northern portion of the block at Bonboni and look forward to continuing our appraisal program, including a flow test of Sapakara South-1 before year-end.”
APA Suriname holds a 50% working interest in Block 58, with TotalEnergies, the operator, holding a 50% working interest.
APA Corporation owns consolidated subsidiaries that explore for and produce oil and gas in the United States, Egypt and the United Kingdom and that explore for oil and gas 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 Corporation’s Form 10-K for the year ended December 31, 2020, filed with the Securities and Exchange Commission on February 25, 2021, and in our quarterly reports on Form 10-Q 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 Apache Corp. 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.