APA Corporation and Partners Lagniappe Alaska and Oil Search Announce Significant Oil Discovery in Alaska’s North Slope at Sockeye-2 Exploration Well; Partners Proceeding with Further Evaluation and Testing

/EIN News/ -- HOUSTON, March 17, 2025 (GLOBE NEWSWIRE) -- APA Corporation (NYSE, Nasdaq: APA) and its partners Lagniappe Alaska, LLC, an Armstong company, and Oil Search (Alaska), LLC, a subsidiary of Santos Limited, today announced preliminary results of the Sockeye-2 exploratory well. Apache holds a 50% working interest, operator Lagniappe and partner Santos each hold 25%.

The Sockeye-2 well was drilled to a depth of approximately 10,500 feet and successfully encountered a high-quality reservoir with approximately 25 feet of net oil pay in one blocky, Paleocene-aged sand with an average porosity of 20%. As compared to recent regional field analogues in the Brookian play, the porosity and permeability are both better than expected, with the permeability to be confirmed through a planned flow test. Additional zones of potential pay were also encountered in the shallower Staines Tongue formation.

The Sockeye prospect is amplitude supported across 25,000 to 30,000 acres, and confirms the partners’ geologic and geophysical models, derisking numerous additional prospects in the area. Wireline logging is complete and additional data collection is underway, including acquiring core and flow testing the well. The partners will provide further updates following the flow test results.

“The Sockeye-2 test is the second successful exploratory well drilled by the partnership on a 325,411-acre position on state lands. The first well, King Street-1, was a new field discovery with oil in two separate Brookian Zones. The Sockeye-2 well further demonstrates the potential of the play, presenting an exciting opportunity in an active area of the North Slope with significant existing infrastructure,” said Bill Armstrong, CEO of Armstrong Oil & Gas.

“We are very encouraged by the results at the Sockeye-2 well, which further proves our geologic and geophysical models and confirms a working hydrocarbon system. We look forward to the results of the flow test and sharing more information about the broader opportunity in Alaska,” added John J. Christmann, APA Corporation CEO.

About APA

APA Corporation owns consolidated subsidiaries that explore for and produce oil and natural gas in the United States, Egypt and the United Kingdom and that explore for oil and natural gas offshore Suriname and elsewhere. APA posts announcements, operational updates, investor information and press releases on its website, www.apacorp.com.

Forward-Looking Statements

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Contacts

Investor: (281) 302-2286
Media: (713) 296-7276        
Website: www.apacorp.com

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