APA Corporation Announces Oil Discovery at Krabdagu Exploration Well Offshore Suriname
22 February 2022 - 5:00AM
APA Corporation (Nasdaq: APA) today announced an oil discovery at
the Krabdagu-1 (KBD-1) exploration well. KBD-1 is located on Block
58 offshore Suriname, approximately 18 kilometers southeast of the
Sapakara South-1 appraisal well. APA Suriname holds a 50% working
interest in the block, with TotalEnergies (NYSE: TTE), the
operator, holding a 50% working interest.
KBD-1 was drilled with the Maersk Valiant to an approximate
depth of 5,273 meters (17,300 feet). The well was designed to test
multiple stacked targets in Maastrichtian and Campanian intervals
and encountered approximately 90 meters (295 feet) of net oil pay
in good quality reservoirs.
“We are very pleased with the Krabdagu exploration well, which
confirms our geologic and geophysical models and de-risks
additional prospects we have matured in the area,” said Tracey
Henderson, SVP, Exploration.
“The promising discovery at Krabdagu is another important step
toward achieving our first FID in Block 58 offshore Suriname, and
we look forward to continuing our exploration and appraisal
programs,” said John J. Christmann IV, APA’s CEO and president.
While the rig is on location, TotalEnergies will progress with
drill stem and other wellbore testing to assess the resource
potential and productivity of two primary reservoirs.
About APA
APA Corporation owns consolidated subsidiaries that explore for
and produce oil and natural gas in the United States, Egypt and the
United Kingdom and that explore for oil and natural gas offshore
Suriname. APA posts announcements, operational updates, investor
information and press releases on its website, www.apacorp.com.
Additional details regarding Suriname, ESG performance and other
investor-related topics are posted at investor.apacorp.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
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, 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 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.
Contacts
Investor: (281) 302-2286 Gary
ClarkMedia: (713)
296-7276 Alexandra
Franceschi Website: www.apacorp.com
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