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APA's Rasper Well Strikes Water in Offshore Suriname's Block 53

Zacks Equity Research
·3-min read

APA Corporation APA came out with results from its recent drilling activities in Block 53 in the offshores of the South American country of Suriname.

This Houston, TX-based independent energy company stated that it concluded its operations on the Raspel well, which is in the northwestern region of the block. According to APA Corporation, the well crossed paths with water-bearing reservoirs in the Campanian and Santonian intervals and the assessment of open-hole well logs and formation and reservoir fluid samples is continuing.

The next exploration opportunity — Baja — will be mobilized by the Noble Gerry de Souza drillship.

Baja, which is in the southwestern corner of Block 53, is located about 11 kilometers northeast of the newly announced Block 58 discovery at Krabdagu and will test the Maastrichtian and Campanian targets.

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APA, the operator of Block 53, owns a 45% working stake, while the Malaysian state-owned firm — Petronas — holds a 30% working interest, with the remaining 25% owned by the Spanish company – CEPSA.

Founded in 1954, APA Corporation is one of the world's leading energy companies engaged in the exploration, development and production of natural gas, crude oil and natural gas liquids. Geographically, the company’s operations are in the United States, Egypt and in the North Sea of the United Kingdom. The company also holds acreage in offshore Suriname (South America) and other international locations.

APA Corporation currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks from the energy space are Comstock Resources CRK Magnolia Oil & Gas Corp MGY, and Enerplus ERF, each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Comstock’s stock price has rallied 160.4% in a year. The Zacks Consensus Estimate for Comstock’s 2022 earnings has been revised about 43% upward over the past 60 days from $2.51 per share to $3.59.

The Zacks Consensus Estimate for CRK’s 2022 earnings is pegged at $3.59 per share, up 209.5% from the projected year-ago earnings of $1.16.

Magnolia stock has increased 73.4% in a year. The Zacks Consensus Estimate for Magnolia’s 2022 earnings has been revised upward by about 14.9% over the past 60 days from $3.88 to $4.46 per share.

The Zacks Consensus Estimate for MGY’s 2022 earnings is projected at $4.46 per share, up about 84.3% from the projected year-ago figure of $2.42.

Enerplus stock has gone up 132.4% in a year. The Zacks Consensus Estimate for Enerplus’ 2022 earnings has been revised 36% upward over the past 60 days.

The Zacks Consensus Estimate for ERF’s 2022 earnings is projected at $3.51 per share, up about 261.9% from the projected year-ago earnings of 97 cents.


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