Major Oil Discovery Announced by APA Corporation and Partners
Exciting Oil Discovery in Alaska’s North Slope
In a striking development for the oil and gas industry, APA Corporation (NASDAQ: APA) and its partners have unveiled promising findings from the Sockeye-2 exploratory well in Alaska’s North Slope. This collaboration includes Lagniappe Alaska, LLC and Oil Search (Alaska), LLC, a subsidiary of Santos Limited. The team is enthusiastic about these initial results and the opportunities they present.
Details of the Sockeye-2 Well
The Sockeye-2 well has reached an impressive depth of around 10,500 feet, revealing a quality reservoir that boasts approximately 25 feet of net oil pay. This discovery is nestled in a coherent Paleocene-aged sand formation demonstrating an encouraging average porosity of 20%. Such findings exceed expectations when compared to similar recent discoveries in the Brookian play, suggesting higher than anticipated permeability levels which will be confirmed through upcoming flow tests.
Geological and Geophysical Insights
With an area spanning between 25,000 to 30,000 acres, the Sockeye prospect has robust amplitude support, validating the geological and geophysical models established by the partners. The logging phase has concluded, and further data collection is in progress, including core sampling and flow testing, which will enhance understanding of the reservoir's potential.
Strategic Advantages and Future Opportunities
This recent well is the second successful exploration effort by the partnership within a substantial 325,411-acre position on state land. The first well, King Street-1, marked a significant field discovery with oil in two distinct Brookian zones. The achievements at Sockeye-2 not only demonstrate the play's potential but also highlight an exciting venture within an area rich in existing infrastructure.
Statements from APA Corporation Leadership
Bill Armstrong, CEO of Armstrong Oil & Gas, expressed the optimism shared by the team, stating, “The Sockeye-2 test demonstrates our positive trajectory in this active North Slope region.” Meanwhile, John J. Christmann, the CEO of APA Corporation, reinforced this sentiment, affirming, “The results from Sockeye-2 reaffirm our geological models and validate the existence of a working hydrocarbon system. We await the flow test outcomes eagerly and are committed to discovering more about the vast opportunity in Alaska.”
About APA Corporation
APA Corporation operates diverse subsidiaries, focusing on exploration and production of oil and natural gas across various regions, including the United States, Egypt, and the United Kingdom. Their pursuits extend to offshore oil and natural gas exploration in Suriname and other territories. For updates, operational news, and press releases, visitors can explore APA's website at www.apacorp.com.
Frequently Asked Questions
What are the key findings from the Sockeye-2 well?
The Sockeye-2 well reached approximately 10,500 feet and has shown a high-quality reservoir with 25 feet of net oil pay and an average porosity of 20%.
How deep is the Sockeye-2 well?
The Sockeye-2 well was drilled to a depth of about 10,500 feet, revealing significant reservoir potential.
What are the partners involved in this discovery?
The partners in this discovery include APA Corporation, Lagniappe Alaska, LLC, and Oil Search (Alaska), LLC.
What does this discovery mean for APA Corporation?
This discovery signifies a promising opportunity in Alaska and validates the geological models the partnership has relied upon in their exploration efforts.
Where can updates on APA Corporation be found?
Updates, news, and announcements from APA Corporation can be accessed on their official website at www.apacorp.com.
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