Buyers who had risked a lot on Apache Company (NYSE: APA), holding out hope for a serious payday in Suriname had been upset on Monday as the corporate’s inventory tumbled 13% to hit $19.36 per share.
Only one month in the past, Apache’s share worth was above $24.
Buyers had been banking on the dangerous but believable notion that Apache may rating bigtime with its drilling prospects offshore Suriname; in spite of everything, its bigger rival, Exxon, struck oil a number of instances over proper throughout the border in Guyana with its luscious Stabroek discoveries.
Apache announced on Monday, nevertheless, that it had certainly reached its focused nicely depth—and that it’s planning on drilling a bit additional, which most are decoding as a foul signal, together with what Apache didn’t say: that it had struck important hydrocarbons.
The Maka Central – 1 nicely that Apache had deliberate to drill offshore Suriname was supposed to achieve 6,200 meters. It did. However now, Apache will proceed testing in two distinct Higher Cretaceous play varieties, after which after completion of those assessments, Apache will set…