We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
APA's North Slope Prospects Strengthened by Sockeye-2 Discovery
Read MoreHide Full Article
APA Corporation (APA - Free Report) , along with its partners, Lagniappe Alaska, LLC and Oil Search (Alaska), LLC (a subsidiary of Santos Limited), recently announced the preliminary results of the Sockeye-2 exploratory well.
An Insight Into the North Slope Project
The North Slope project was announced under a joint venture between APA Corporation, which holds a 50% working interest; Lagniappe Alaska, LLC, which owns 25%;and Santos, which has 25%.
The joint venture commenced an initial exploration campaign in its North Slope position in 2023 but couldn't reach its objectives within the seasonal time window for drilling. It tried again in 2024 with plans for three exploratory wells, one of which was King Street-1. King Street-1 was a new field discovery with oil in two separate Brookian zones.
The Sockeye-2 is the second successful exploratory well drilled by the joint venture on 325,411-acre state land. It demonstrates the potential of the region and provides the partnership with an exciting opportunity in an active area of the North Slope with significant existing infrastructure.
Discovery Made in Sockeye-2 Well
Drilled to a depth of 10,500 feet, the project’s second exploratory well encountered a high-quality reservoir with approximately 25 feet of net oil pay in a Paleocene-aged sand formation. The porosity of the field averaged 20%, which is believed to be better than expected compared to regional field analogs in the Brookian play. The permeability of the region is yet to be confirmed via a planned flow test.
The success of Sockeye-2 further validates the partnership’s geologic and geophysical models, confirming a working hydrocarbon system.The Sockeye-2 prospect, spanning approximately 25,000 to 30,000 acres, de-risks numerous additional prospects in the area.
Prospects of Sockeye-2 Well
With wireline logging completed, the following steps involve further data collection via flow testing to confirm permeability and reservoir performance. The results of these tests will provide critical insights into the well’s commercial viability and broader implications for future exploration in the region. APA and its partners remain optimistic about the potential of the play and are eager to share further updates as the evaluation progresses.
APA’s Zacks Rank and Key Picks
Houston, TX-based APA Corporation is one of the world's leading independent energy companies engaged in the exploration, development and production of natural gas, crude oil and natural gas liquids. Currently, APA has a Zacks Rank #3 (Hold).
Investors interested in the energy sector might look at some top-ranked stocks like Delek Logistics Partners, LP (DKL - Free Report) , Archrock, Inc. (AROC - Free Report) and Canadian Natural Resources Limited (CNQ - Free Report) .While Delek Logistics and Archrock currently sport a Zacks Rank #1 (Strong Buy) each, Canadian Natural carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Delek Logistics Partners owns, operates, acquires and constructs crude oil and refined products logistics and marketing assets. The Zacks Consensus Estimate for DKL’s 2025 earnings indicates 34.45% year-over-year growth.
Houston-based Archrock is a provider of natural gas contract compression services as well as a supplier of aftermarket services for compression equipment. The Zacks Consensus Estimate for AROC’s 2025 earnings indicates 46.67% year-over-year growth.
Calgary-based Canadian Natural Resources is one of the largest independent energy companies in Canada engaged in the exploration, development and production of oil and natural gas. The Zacks Consensus Estimate for CNQ’s 2025 earnings indicates 5.53% year-over-year growth.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Shutterstock
APA's North Slope Prospects Strengthened by Sockeye-2 Discovery
APA Corporation (APA - Free Report) , along with its partners, Lagniappe Alaska, LLC and Oil Search (Alaska), LLC (a subsidiary of Santos Limited), recently announced the preliminary results of the Sockeye-2 exploratory well.
An Insight Into the North Slope Project
The North Slope project was announced under a joint venture between APA Corporation, which holds a 50% working interest; Lagniappe Alaska, LLC, which owns 25%;and Santos, which has 25%.
The joint venture commenced an initial exploration campaign in its North Slope position in 2023 but couldn't reach its objectives within the seasonal time window for drilling. It tried again in 2024 with plans for three exploratory wells, one of which was King Street-1. King Street-1 was a new field discovery with oil in two separate Brookian zones.
The Sockeye-2 is the second successful exploratory well drilled by the joint venture on 325,411-acre state land. It demonstrates the potential of the region and provides the partnership with an exciting opportunity in an active area of the North Slope with significant existing infrastructure.
Discovery Made in Sockeye-2 Well
Drilled to a depth of 10,500 feet, the project’s second exploratory well encountered a high-quality reservoir with approximately 25 feet of net oil pay in a Paleocene-aged sand formation. The porosity of the field averaged 20%, which is believed to be better than expected compared to regional field analogs in the Brookian play. The permeability of the region is yet to be confirmed via a planned flow test.
The success of Sockeye-2 further validates the partnership’s geologic and geophysical models, confirming a working hydrocarbon system.The Sockeye-2 prospect, spanning approximately 25,000 to 30,000 acres, de-risks numerous additional prospects in the area.
Prospects of Sockeye-2 Well
With wireline logging completed, the following steps involve further data collection via flow testing to confirm permeability and reservoir performance. The results of these tests will provide critical insights into the well’s commercial viability and broader implications for future exploration in the region. APA and its partners remain optimistic about the potential of the play and are eager to share further updates as the evaluation progresses.
APA’s Zacks Rank and Key Picks
Houston, TX-based APA Corporation is one of the world's leading independent energy companies engaged in the exploration, development and production of natural gas, crude oil and natural gas liquids. Currently, APA has a Zacks Rank #3 (Hold).
Investors interested in the energy sector might look at some top-ranked stocks like Delek Logistics Partners, LP (DKL - Free Report) , Archrock, Inc. (AROC - Free Report) and Canadian Natural Resources Limited (CNQ - Free Report) .While Delek Logistics and Archrock currently sport a Zacks Rank #1 (Strong Buy) each, Canadian Natural carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Delek Logistics Partners owns, operates, acquires and constructs crude oil and refined products logistics and marketing assets. The Zacks Consensus Estimate for DKL’s 2025 earnings indicates 34.45% year-over-year growth.
Houston-based Archrock is a provider of natural gas contract compression services as well as a supplier of aftermarket services for compression equipment. The Zacks Consensus Estimate for AROC’s 2025 earnings indicates 46.67% year-over-year growth.
Calgary-based Canadian Natural Resources is one of the largest independent energy companies in Canada engaged in the exploration, development and production of oil and natural gas. The Zacks Consensus Estimate for CNQ’s 2025 earnings indicates 5.53% year-over-year growth.