Apache Corp. and partner Total said April 2 the Sapakara West-1 well offshore Suriname has made a significant oil discovery, building on the success of their Maka Central-1 find.

Drilled to a depth of about 6,300 m by the Noble Sam Croft drillship, the well hit hydrocarbons in multiple stacked Cretaceous-aged Campanian and Santonian targets.

The companies said test results indicate the shallower Campanian interval has 13 meters of net gas condensate and 30 meters of net oil pay. The deeper Santonian interval contained 36 meters of net oil-bearing reservoir.

The news sent shares of Apache up by more than 23% to $4.97 in trading early April 2, signaling a positive for the company that is facing tough times in U.S. shale.  

“Based on a conservative estimate of net pay across multiple fan systems, we have discovered another very substantial oil resource with the Sapakara West-1 well,” John J. Christmann, Apache CEO and president, said in a news release. “Importantly, our data indicates that the Sapakara West-1 well encountered a distinct fan system that is separate from the Maka Central-1 discovery we announced in January this year.”

Suriname is among the most-watched exploration hotspots in the industry. Industry players willing to pursue offshore exploration, given today’s challenging market conditions, could be at the beginning of another string of discoveries. Exxon Mobil Corp. and partners have made 16 discoveries on the Stabroek Block offshore Guyana, which is next door to Suriname.

Source: Apache Corp.
Source: Apache Corp.

Apache and Total’s latest find comes about three months after Apache shared news that the Maka Central-1 well encountered oil and gas condensate in the Campanian and Santonian intervals.

Apache said it has identified at least seven play types and more than 50 prospects in the area it described as a thermally mature play fairway. The discoveries are located on the 1.4 million-acre Block 58, which is near Exxon Mobil’s Haimara gas and condensate discovery well offshore Guyana.

“The results are once again very encouraging and confirm our exploration strategy in this region,” Kevin McLachlan, senior vice president of exploration for Total, said in a separate statement.

Plans are now for the drillship to search for hydrocarbons northwest and southeast of Sapakara West-1, looking for oil in upper Cretaceous targets in the Campanian and Santonian intervals. Apache said the reservoirs appear to be independent from the Maka and Sapakara discoveries. First up will be the Kwaskwasi prospect, about 10 km northwest of Sapakara West-1, Apache said. Keskesi, the fourth exploration prospect on the block, will follow.

 

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