Traders who had risked a lot on Apache Company (NYSE: APA), holding out hope for a serious payday in Suriname have been disillusioned on Monday as the corporate’s inventory tumbled 13% to hit $19.36 per share.
Only one month in the past, Apache’s share value was above $24.
Traders have been banking on the dangerous but believable notion that Apache would possibly rating bigtime with its drilling prospects offshore Suriname; in any case, 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, nonetheless, that it had certainly reached its focused effectively depth—and that it’s planning on drilling a bit additional, which most are decoding as a nasty signal, together with what Apache didn’t say: that it had struck important hydrocarbons.
The Maka Central – 1 effectively that Apache had deliberate to drill offshore Suriname was supposed to succeed in 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…