APA's North Slope Prospects Strengthened by Sockeye-2 Discovery

APA Corporation APA, 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 ProjectThe 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 WellDrilled 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 WellWith 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 PicksHouston, 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, Archrock, Inc. AROC and Canadian Natural Resources Limited CNQ.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.5 Stocks Set to DoubleEach was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2024. While not all picks can be winners, previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%.Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report APA Corporation (APA): Free Stock Analysis Report Canadian Natural Resources Limited (CNQ): Free Stock Analysis Report Delek Logistics Partners, L.P. (DKL): Free Stock Analysis Report Archrock, Inc. (AROC): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks