Shares of Apache Soar on Oil Find in South America
2020年1月8日 - 12:44AM
Dow Jones News
By Micah Maidenberg
Shares of Apache Corp. (APA) shot up 21% to $30.96 in Tuesday
morning trading, as investors cheered the energy producer's oil
discovery in Suriname.
Apache and its partner in the Suriname development, Total SA
(TOT), said earlier they found a significant amount of oil in a
well drilled in the waters offshore from the South American
nation.
Apache's stock has moved significantly on news related to the
Maka Central-1 well. Last month, shares fell sharply after Apache
issued an update about the well that contained relatively little
information about exploration efforts.
"Though meaningful production impact should not be expected for
several quarters, we believe that the shares will outperform today
on the announcement," analysts at SunTrust Robinson Humphrey said,
referring to Apache's stock.
The find also should give investors confidence in the potential
for energy projects in the region, the analysts added.
Write to Micah Maidenberg at micah.maidenberg@wsj.com
(END) Dow Jones Newswires
January 07, 2020 10:29 ET (15:29 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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