“Great confidence” in Block 58’s Sapakara reservoir as resource estimate jumps to 600+ million – APA Corp.

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Despite the uncertainty surrounding a final investment decision (FID) for Suriname’s Block 58, the President and Chief Executive Officer (CEO) of partner APA Corporation, John Christmann expressed confidence in the Sapakara prospect.

In fact, Christmann told investors that it would be a key component of a future project.

APA Corp. revised the resource estimate of the Sapakara reservoir to more than 600 million barrels.

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 an incremental connected resource of more than 200 million barrels (MMbbls) of oil in place.

“…. In terms of the estimate at Sapakara, there is good confidence. We flow-tested those volumes. It is really high-quality rock. It is low gas oil ratio (GOR) oil and really got one main sand package. So, it is going to have a high recovery…so, we have great confidence there. And then, we have got the two appraisal wells that are being drilled at Krabdagu right now,” he explained during APA’s 2022 earnings conference.

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Sapakara may just be APA and Block 58’s operator TotalEnergies “first project” Christmann noted. 

But a possible joint development of the Sapakara and Krabdagu reservoirs is being considered.

“We are working with our partner toward a potential a development hub where you would be bringing in both Krabdagu and Sapakara. They are a little different in terms of the makeup and so forth,” he explained, adding “it is premature to talk about anything pending the results of appraisal at Krabdagu, which we are very excited about. And it is moving right along.”

The APA Corp CEO described Block 58 as having “a lot of potential” but reminded that the company and partner, Total, are still conducting works.

“I do believe we will have an ongoing programme in Suriname as there is a lot of prospectivity,” he added further.

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