APA Corporation Provides Update on Block 58 Appraisal and Exploration Activities

Rhea-AI Summary

APA Corporation (Nasdaq: APA) updated its exploration activities in Block 58 offshore Suriname, where it holds a 50% interest alongside TotalEnergies. Drilling concluded at the Awari exploration prospect, which was deemed noncommercial. The company will commence flow-test operations at the Sapakara South-2 (SPS-2) appraisal well, with results expected next month. SPS-2 is located 4.6 kilometers from Sapakara South-1. APA continues to explore oil and natural gas across several regions, including the US, Egypt, and the UK.

Positive

• Commencement of flow-test operations at Sapakara South-2, with results expected soon.

Negative

• The Awari exploration prospect was deemed noncommercial, indicating a possible setback in exploration efforts.

HOUSTON, Nov. 28, 2022 (GLOBE NEWSWIRE) -- APA Corporation (Nasdaq: APA) today provided an update on exploration activities in Block 58 offshore Suriname. APA holds 50% working interest, while TotalEnergies is the operator on the block with a 50% working interest.

Drilling operations have concluded at the Awari exploration prospect in the previously untested northwest portion of Block 58. The well was deemed noncommercial.

At the Sapakara South-2 (SPS-2) appraisal well, the joint venture will commence flow-test operations following drilling to the targeted Maastrichtian-Campanian formation. Results are expected to be available next month. SPS-2 is located approximately 4.6 kilometers south of Sapakara South-1.

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 is the latest update from APA Corporation regarding their exploration activities?

APA Corporation reported that drilling operations concluded at the Awari exploration prospect, deemed noncommercial. They will begin flow-test operations at the Sapakara South-2 appraisal well.

When can we expect results from the Sapakara South-2 flow-test operations?

Results from the flow-test operations at the Sapakara South-2 appraisal well are expected next month.

What percentage of Block 58 does APA Corporation hold?

APA Corporation holds a 50% working interest in Block 58 offshore Suriname.

Who is the operator of Block 58 along with APA Corporation?

TotalEnergies is the operator of Block 58, holding a 50% working interest alongside APA Corporation.

What does the noncommercial designation mean for APA Corporation's exploration efforts?

The designation of noncommercial for the Awari exploration prospect suggests that it may not be viable for production, potentially affecting future exploration strategies.