GOOD UPDATE For those who have been following the Guyana-Suriname basin and the news release issued by CGX / Frontera this morning - there is a striking similarity to how this is playing out relative to Apache's Maka Central Discovery. Very similar indeed!
When Apache drilled Maka - they issued an operational update in early December letting investors know they had reached TD and were evaluating both campanian and Santonian targets. See link: https://www.globenewswire.com/news-release/2019/12/02/1954635/0/en/Apache-Corporation-Issues-Operational-Update-on-the-Maka-Central-1-Well-Offshore-Suriname.html
In the press release they also mentioned they were extending the well to penetrate two deeper cretaceous objectives (which we later found out was a deeper Santonian objective and turonian fan ). The well results were delayed by a month. After this general market update in December - Apache sold off with the market thinking the well was uncommercial - see link: https://seekingalpha.com/amp/news/3523079-apache-crashes-to-18-year-lows-after-incredibly-thin-suriname-well-update
Well in January, Apache revealed they had indeed made a major discovery with Maka and (in the same press release) - announced a joint venture with Total. See link: https://seekingalpha.com/amp/article/4316079-apache-this-discovery-is-huge-company-is-takeover-target
So, some ask why the didn't Apache just come out in the December press release and announce the campanian and upper Santonian results? Well first, they were still evaluating the campanian and upper Santonian targets. Second, they were letting investors know the well was to be an additional month to reach TD (well was being deepened). Finally, they were also negotiating (behind the scenes) a JV with Total (which was revealed in Jan).
Does history repeat itself??? I would think it's very possible next time we see a PR from CGX Kawa results will be revealed and a JV partner will be announced.
Get your chair!