RE:DEC-2-2019: APACHE UPDATEAnother analyst update - this time from Credit Suisse:
Credit Suisse analyst William Featherston said he believes a sizable discovery in Suriname is "more than baked in already" in Apache shares and he sees considerable downside risk if the Maka Central-1 well is later confirmed to be dry. Given his belief that expectations for this well are exceedingly high, he thinks "no news will likely be seen as bad news," as evidenced by today's pre-market selloff in the stock. He expects Apache will give its next update on the well in January given that drilling resumes in mid-December, added Featherston, who keeps a Neutral rating and $20 price target on Apache shares.
Also, another update from OilNow:
OilNOW understands that the decision by Apache to drill deeper at the Maka Central – 1 prospect could be as a result of the company encountering positive signs of hydrocarbons at the initial depth tested. Drilling deeper could verify the potential presence of petroleum. The prospect borders some of Stabroek Block’s most productive areas in Guyana and is said to be near Haimara, the ExxonMobil group’s south-easternmost find near the two countries’ maritime border.