APA Corporation Announces Successful Flow Test at Sapakara South and Sub-Commercial Black Oil Discovery at Bonboni Offshore Suriname on Block 58

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[{"type":"text","content":"HOUSTON, Nov. 16, 2021 (GLOBE NEWSWIRE) -- APA Corporation (Nasdaq: APA) today announced results from flow testing at the Sapakara South appraisal well and drilling results from the Bonboni exploration well, both operations recently completed on Block 58 offshore Suriname. APA Suriname holds a 50% working interest in the block, with TotalEnergies (TTE), the operator, holding a 50% working interest. Sapakara South-1 (SPS-1) flow test Flow and subsequent pressure build-up tests were recently completed at Sapakara South-1 (SPS-1), an appraisal well drilled earlier this year on the eastern edge of Sapakara nearly 4 kilometers from the discovery well. As disclosed earlier this year, SPS-1 encountered approximately 30 meters (98 feet) of net black oil pay in a single zone of high-quality Campano-Maastrichtian reservoir. A restricted flow test averaged 4,800 barrels oil per day (bopd) for 48 hours. Without flow restrictions, a development well would produce at a significantly higher sustained rate. Preliminary analysis of the data indicates the following: A single reservoir in SPS-1 proved connected resource of 325 to 375 million barrels of oil in placeExceptional reservoir quality with permeability in the range of 1.4 DarciesBlack oil with a 34-degree API and flowing gas-to-oil ratio (GOR) of approximately 1100 standard cubic feet per barrel (scf/bbl) Seismic imaging of this Sapakara reservoir supports substantially more potential resource, which could be proven through additional appraisal drilling. “We are very pleased with the flow test results. The data we’ve collected confirms an excellent quality black oil reservoir, which we believe will serve as a foundation for a development project in Suriname,” said John J. Christmann IV, APA’s CEO and president. “The high permeability of the oil-bearing sand and its thick and consistent quality indicate strong well deliverability and, importantly, high recovery factors.” Bonboni-1 exploration well Bonboni-1, the first exploration well in the northern portion of Block 58, was drilled in water depths of nearly 2,000 meters approximately 45 kilometers from APA’s discoveries in the Maka-Kwaskwasi-Sapakara-Keskesi trend. In the primary Maastrichtian and Campanian objectives, the well encountered high quality, water bearing reservoirs. In a Maastrichtian objective, the well penetrated 16 meters ...

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