APA Corporation Announces Second Successful Flow Test at Sapakara South

Rhea-AI Summary

APA Corporation (Nasdaq: APA) announced the successful drilling and flow testing of the Sapakara South-2 (SPS-2) appraisal well, located 4.6 kilometers south of the SPS-1 well. SPS-2 encountered approximately 36 meters of net oil pay in a high-quality reservoir, indicating over 200 million barrels of incremental connected resource in place. CEO John J. Christmann IV emphasized that these results align with pre-drill expectations and bolster potential development. Rig activity continues with two appraisal wells being drilled at the Krabdagu discovery, with Krabdagu-2 currently underway and Krabdagu-3 expected to spud in February.

Positive

• Successful drilling and flow testing of SPS-2 well.
• Encountered 36 meters of net oil pay, indicating over 200 million barrels of incremental connected resource.

Negative

• None.

HOUSTON, Feb. 08, 2023 (GLOBE NEWSWIRE) -- APA Corporation (Nasdaq: APA) today announced the successful drilling and flow testing of the Sapakara South-2 (SPS-2) appraisal well, the second appraisal well to test the previously announced discovery. The well is located approximately 4.6 kilometers (3 miles) south of the Sapakara South-1 (SPS-1) appraisal well.

SPS-2 encountered approximately 36 meters (118 feet) of net oil pay in high-quality Campano-Maastrichtian reservoir. Data collected from the flow test and subsequent pressure build-up indicated incremental connected resource of more than 200 million barrels (MMbbls) of oil in place.

“Results from the SPS-2 drilling and flow tests are consistent with our pre-drill expectations, confirm our geologic, geophysical, and reservoir models, and, importantly, add substantial resources towards a potential development,” said John J. Christmann IV, APA’s CEO and president.

Rig activity is ongoing and focused on drilling two appraisal wells at the Krabdagu discovery, which is located approximately 17 kilometers (11 miles) east of Sapakara. Krabdagu-2 is currently drilling; APA anticipates Krabdagu-3 will spud in February with a second drilling rig.

APA Suriname holds a 50% working interest in Block 58; TotalEnergies is the operator and holds the remaining 50% working interest.

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 and in the Dominican Republic. 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,” “goals,” “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.

Contacts

Investor: (281) 302-2286 Gary Clark
Media: (713) 296-7276 Alexandra Franceschi
Website: www.apacorp.com

APA-G

FAQ

What are the results from the Sapakara South-2 appraisal well by APA?

The Sapakara South-2 appraisal well encountered approximately 36 meters of net oil pay and indicated over 200 million barrels of incremental connected resource.

When did APA Corporation announce the drilling of the SPS-2 well?

APA Corporation announced the drilling of the SPS-2 well on February 8, 2023.

What is the status of drilling activity at APA's Krabdagu discovery?

Rig activity is ongoing at the Krabdagu discovery, with Krabdagu-2 currently drilling and Krabdagu-3 expected to spud in February.

What is the location of the Sapakara South-2 well?

The Sapakara South-2 well is located approximately 4.6 kilometers south of the Sapakara South-1 well.