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

Core Insights - APA Corporation and its partners announced preliminary results from the Sockeye-2 exploratory well, with APA holding a 50% working interest and partners Lagniappe Alaska and Santos each holding 25% [1][4]. Exploration Results - The Sockeye-2 well was drilled to approximately 10,500 feet, encountering a high-quality reservoir with about 25 feet of net oil pay in a Paleocene-aged sand, featuring an average porosity of 20% [2]. - Compared to recent regional field analogues in the Brookian play, the porosity and permeability were better than expected, with permeability to be confirmed through a planned flow test [2]. - Additional potential pay zones were found in the shallower Staines Tongue formation [2]. Geological and Geophysical Insights - The Sockeye prospect spans 25,000 to 30,000 acres and supports the partners' geological and geophysical models, reducing risk for numerous additional prospects in the area [3]. - Wireline logging is complete, and further data collection, including core acquisition and flow testing, is underway [3]. Strategic Importance - The Sockeye-2 well is the second successful exploratory well drilled by the partnership on a 325,411-acre position on state lands, following the King Street-1 well, which was a new field discovery [4]. - The results from Sockeye-2 highlight the potential of the play and present significant opportunities in an active area of the North Slope with existing infrastructure [4]. Company Statements - The CEO of APA Corporation expressed encouragement regarding the Sockeye-2 results, indicating confirmation of a working hydrocarbon system and anticipation for flow test results [5].