APA Corporation Announces Keskesi South-1 Appraisal Well Results

HOUSTON, Sept. 29, 2021 (GLOBE NEWSWIRE) -- APA Corporation (Nasdaq: APA) today announced results from appraisal drilling at Keskesi South-1 on Block 58 offshore Suriname. APA Suriname holds a 50% working interest in the block, with TotalEnergies, the operator, holding a 50% working interest.

Keskesi South-1, drilled approximately 6.2 kilometers from the discovery well Keskesi East-1, encountered non-commercial quantities of hydrocarbons and the well has been plugged and abandoned.

“The first appraisal well at Keskesi was a substantial step-out designed to assess the southern extent of the feature,” said Tracey K. Henderson, APA’s senior vice president, Exploration. “This location had the potential to confirm a very large resource in place if connected to the reservoir sands in the discovery well. However, suitable reservoir quality sands were not developed in the Campanian target at the Keskesi South-1 location. Data gathered from the well will be used to calibrate our geologic model and inform the next steps for Keskesi appraisal.”

The Maersk Developer has moved to the Sapakara South-1 well, where it will conduct a flow test of the previously announced appraisal success. Following the completion of the Sapakara South-1 flow test, the exploration program will continue with the spud of the next exploration well targeting the Krabdagoe prospect just to the east of Keskesi. The Maersk Valiant is currently drilling Bonboni, the first exploration prospect in the northern portion of Block 58. Both rigs are operated by TotalEnergies.

Block 58 encompasses 1.4 million acres and is in the early phases of exploration and appraisal. APA has participated in four exploration discoveries and one appraisal success offshore Suriname in the past two years. In addition to its 50% working interest on Block 58, the company also holds a 45% working interest in Block 53, where it plans to drill an exploration well in 2022.

A graphic accompanying this announcement is available at

About APA

APA Corporation, through its consolidated subsidiaries, explores for and produces oil and gas with operations in the United States, Egypt and the United Kingdom and exploration activities offshore Suriname. APA posts announcements, operational updates, investor information and press releases on its website, . Specific information concerning Suriname, ESG performance and other investor-related topics are posted at .

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.

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