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Apache to assign Latin American

assets to new holding company

US-BASED Apache said last week that it restructuring would affect Apache’s plans in
intended to assign its assets in Suriname and the Latin America. The company owns stakes in
Dominican Republic to a new holding that will two licence areas offshore Suriname, Block 53
be known as APA Corp. and Block 58; it has already discovered oil at
In a statement, the firm explained that its the latter site. It has also signed a contract with
board of directors had green-lit a plan for the the government of the Dominican Republic
creation of APA Corp. as a holding company. for exploration and development work at SP2,
This new holding company will replace Apache a block in the offshore San Pedro de Macoris
in public trading, with the NASDAQ stock Basin. ™
exchange listing shares of APA Corp. instead of
Apache shares, it said.
“Existing shares of Apache will be auto-
matically converted on a one-for-one basis
into shares of common stock of APA Corp.,
which will retain the ticker symbol ‘APA,’” the
statement noted. “The board and the executive
officers of Apache will continue in their same
roles at the new company.”
Meanwhile, Apache will become a direct
subsidiary of APA Corp. It will transfer its assets
in the Dominican Republic and Suriname to
the holding company and retain its current
upstream assets in the UK, the US and Egypt, as
well as its interests in US-based Altus Midstream
Co. and Altus Midstream LP.
According to John J. Christmann IV, the pres-
ident and CEO of Apache, the changes will ben-
efit the company. “These steps modernise our
operating and legal structure, making it more
consistent with other companies that have sub-
sidiaries operating around the globe,” he said.
“A holding company offers advantages in risk
management, provides financial and admin-
istrative flexibility, and more closely aligns our
legal structure with our growing international
presence.”
Christmann did not say whether the Apache has drilled four wells at Block 58 (Image: Apache)

CURAÇAO
RdK begins negotiations with

consortium on sale of Isla refinery

REFINERIA di Korsou (RdK), the govern- In a statement, RdK said that talks on con-
ment-run operator of Curaçao’s only oil-pro- tract conditions with this bidder would begin as
cessing plant, is preparing to begin negotiations soon as possible. It named the potential investor
with another bidder for the sale of its main as Curaçao Oil Refinery Complex (CORC) but
assets, including the Isla refinery. did not name the consortium’s shareholders.

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