21. Suriname – Block 58, Apache, Maka prospect V.27.10.19
- Suriname Offshore Licences and Wells
- Business: Stocks and value.
- Steven Keenan, Apache’s senior vice president of worldwide exploration, resigned 23/10/19.
The company’s shares and bonds tumbled, and the cost to insure against default surged.
- The shares fell as much as 11% on Friday for the biggest intraday drop since January 2016. The stock was down 5.6% (=$1.30) to $21.93 (from $23.23) at 1:34 p.m.
- Apache reported a larger-than-expected $170 million loss for the third quarter. Since the beginning of September 2018, Apache’s stock has plunged by 55 percent.
- Apache should have the results of its first test Maka well by the end of November.
- Wall Street’s reaction to Keenan’s sudden departure was driven by the fear that his exit portended ominous news for the Suriname results (dry hole??). Apache declined to say why Keenan left, but insisted it wasn’t related to Suriname.
- Apache aims to switch gears from exploration mode to development
- As recently as last week, Bank of America Merrill Lynch touted the Suriname prospect as potentially game-changing for Apache.
- It “has potential to reset the investment case,” Merrill Lynch’s analyst Doug Leggate said in an Oct. 18 note to clients. On the strength of that thesis, Leggate upgraded his rating on the stock and said a single good well (Maka prospect (how many bbls reserves prognosed ?) could translate into a $6-a-share benefit for Apache ??
- Apache: third-quarter 2019 production 451,000 barrels of oil equivalent (BOE) per day. Excludes Egypt non-controlling interest and tax barrels, was 391,000 BOE; U.S. production of 266,000 BOE per day.
- Petroleum Geology Block 58
- Apache, Block 58 & surroundings in Suriname
- Drillship/well location: 7.5154 N / 56.22652 W
- Most fortunate?
- Share price $6 up? Or $2 down…?
- A grand homerun in the upper deck?
- Or a lousy strike-out, 3 smoking fast balls, without even swinging?
Faîtes vos jeux. Rien ne va plus.
Somewhere in nov. 2019 we will know.
- Haute Sranankondre Condensate Cuisine?
- ” Michelin Subsurface 4-Stars “?
Alias “ The Kitchen of Mrs. Liza “?
- Apache, Block 58 & surroundings in Suriname.
- Kitchen map, Halliburton, 2018: red area where Bl. 58 is located, indicates the late mature kitchen area of the Canje source rocks. Expelling light oil and probably condensate since some 5 Ma (End Neogene).
- Seismic SW-NE section of dry hole Eagle, Guyana, some 20 km west, of the southern half of Block 58.
G&G analog for Maka prospect, presently (06/11/19)drilling ahead ? (Hope not a dry hole analog). Target(s)?
- Both Tertiary and Upper Cretaceous fans?
- Ref. cgxenergy.com.
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