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Friday, May 14, 2021

Apache, Total make second discovery offshore Suriname

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Apache Corporation (NYSE, Nasdaq: APA) and Total S.A. (NYSE: TOT) on Thursday announced a significant oil discovery at the Sapakara West-1 well drilled offshore Suriname on Block 58. The well was drilled using the Noble Sam Croft with Apache as operator holding a 50% working interest and Total holding a 50% working interest.

Sapakara West-1 was drilled to a depth of approximately 6,300 meters (20,700 feet), and successfully tested for the presence of hydrocarbons in multiple stacked targets in the upper Cretaceous-aged Campanian and Santonian intervals.

Preliminary fluid samples and test results indicate at least 79 meters (259 feet) of net oil and gas condensate pay in two intervals. The shallower Campanian interval contains 13 meters (43 feet) of net gas condensate and 30 meters (98 feet) of net oil pay, with API oil gravities between 35 and 40 degrees. The deeper Santonian interval contains 36 meters (118 feet) of net oil-bearing reservoir with API oil gravities between 40 and 45 degrees.

“Our second discovery offshore Suriname this year further proves our geologic model and confirms a large hydrocarbon system in two play types on Block 58. Based on a conservative estimate of net pay across multiple fan systems, we have discovered another very substantial oil resource with the Sapakara West-1 well,” said John J. Christmann, Apache CEO and President. “Importantly, our data indicates that the Sapakara West-1 well encountered a distinct fan system that is separate from the Maka Central-1 discovery we announced in January this year.”

Block 58 comprises 1.4 million acres and offers significant potential beyond the discoveries at Sapakara West and Maka Central. Apache has identified at least seven distinct play types and more than 50 prospects within the thermally mature play fairway.

Upon completion of operations at Sapakara West-1, the Sam Croft will move to the third prospect in Block 58, Kwaskwasi, which is located approximately 10 kilometers (6 miles) northwest of Sapakara West-1. The fourth exploration target is Keskesi, which will be drilled approximately 20 kilometers (12 miles) southeast of Sapakara West-1. Both exploration wells will test oil-prone upper Cretaceous targets in the Campanian and Santonian intervals in reservoirs that appear to be independent from the Maka and Sapakara discoveries.

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