CEPSA farms into Suriname offshore exploration block

Source:Apache Corporation

CEPSA farms into Suriname offshore exploration block

Apache Corporation said today that CEPSA Suriname S.L., a Spanish company, has farmed in to a 25-percent participating interest in Suriname's Block 53, a 867,117-acre (3,509 km2) area located in 1,640-5,900 feet (500-1,800 meters) of water about 80 miles (130 km) offshore.

Apache Suriname Corporation LDC, a subsidiary of Apache, signed a production sharing contract for Block 53 with Staatsolie Maatschappij Suriname NV — the Surinamese national oil company — in 2012 after a competitive bid round. The Block 53 work program includes a 3-D seismic program, currently in processing, and two exploration wells. Apache retains a 75-percent participating interest in the block. Staatsolie has an option to obtain a 20-percent participating interest in commercial fields discovered on the block.

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