APA Corporation Announces Successful Flow Test Results at Krabdagu Discovery Well
APA Corporation (Nasdaq: APA) today announced flow test results
from the Krabdagu exploration well (KBD-1) on Block 58 offshore
Suriname. APA Suriname holds a 50% working interest in the block,
with TotalEnergies (TTE), the operator, also holding a 50% working
Flow test data collected in the two lower intervals, the Upper
Campanian and Lower Campanian, indicates oil-in-place resource of
approximately 100 and 80 million barrels (MMbbls) respectively
connected to the KBD-1 well.
- Upper Campanian Zone Results: 32
meters (105 feet) of net oil pay, high quality reservoir with
400-500 millidarcy permeability, 35 degree API, and 2000-2300
scf/bbl GOR. The buildup test indicated connected resource of more
than 100 MMbbls of oil-in-place.
- Lower Campanian Zone Results: 32
meters (105 feet) of net oil pay, modest reservoir quality with
60-80 millidarcy permeability, 37 degree API, and 2500-2800 scf/bbl
GOR. The buildup test indicated connected resource of more than 80
MMbbls of oil-in-place.
These tests were performed in the exploration well, and
appraisal drilling will be necessary to confirm additional resource
and optimal development well locations. The exploration well
encountered another high quality, lower GOR interval in the Upper
Campanian that was not in a location suitable for flow testing.
This shallower Campanian zone will need to be flow tested in the
appraisal stage from a more optimal location.
“The results from the Krabdagu flow-test in the two lower
intervals are in line with our expectations and provide data that
accelerates our understanding of the field and will shape future
activity. This includes identifying the optimal well locations that
enable assessment of upside resource potential for each target,”
said John J. Christmann IV, APA’s CEO and president. “The connected
resource demonstrated from the flow tests at Krabdagu combined with
the results from Sapakara South, are a significant step forward in
advancing a project in this area of Block 58.”
The APA-TTE joint-venture is currently drilling the Dikkop
exploration well in the central portion of Block 58 with the Maersk
Valiant. Following completion of operations at Dikkop, the Valiant
is expected to continue exploration and appraisal activities in the
central portion of Block 58.
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.
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 APA’s Form 10-K for the year ended December
31, 2021, and in our quarterly reports on Form 10-Q, filed with the
Securities and Exchange Commission 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.
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