Apache Corporation Announces Major Oil Discovery in Block 58 Offshore Suriname at Kwaskwasi-1
- Third consecutive discovery offshore Suriname confirms a world-class hydrocarbon resource.
- Kwaskwasi-1 well encountered 278 meters (912 feet) of net oil and volatile oil / gas condensate pay.
- Fourth exploration prospect in Block 58, Keskesi East-1, will be drilled immediately following conclusion of operations at Kwaskwasi.
Kwaskwasi-1 was drilled to a depth of approximately 6,645 meters (21,800 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 278 meters (912 feet) of net oil and volatile oil / gas condensate pay in two intervals. The shallower Campanian interval contains 63 meters (207 feet) of net oil pay and 86 meters (282 feet) of net volatile oil / gas condensate pay. Based on samples taken, the API oil gravities are between 34 and 43 degrees. The deeper Santonian interval contains 129 meters (423 feet) of net hydrocarbon reservoir. The team is still collecting data on API oil gravities in the Santonian.
“We are thrilled with the results from the Kwaskwasi-1 exploration well. This is the best well we’ve drilled in the basin to date, with the highest net pay in the best quality reservoirs,” said
Block 58 comprises 1.4 million acres and offers significant potential beyond the discoveries at Kwaskwasi, 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 Kwaskwasi-1, the
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Cautionary note to investors
The SEC permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable, and possible reserves that meet the SEC's definitions for such terms. Apache may use certain terms in this release, such as "resources," "potential resources," "resource potential," "estimated net reserves," "recoverable reserves," and other similar terms that the SEC guidelines strictly prohibit Apache from including in filings with the SEC. Such terms do not take into account the certainty of resource recovery, which is contingent on exploration success, technical improvements in drilling access, commerciality and other factors, and are therefore not indicative of expected future resource recovery and should not be relied upon. Investors are urged to consider carefully the disclosure in Apache's Annual Report on Form 10-K for the fiscal year ended
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Source: Apache Corporation