Shares of Apache (NYSE: APA) had surged more than 19% by 10:00 a.m. EST on Tuesday. Fueling the energy stock was news that it had made a "significant" oil discovery offshore Suriname.
Last month, Apache issued a disappointing operational update on the Maka Central-1 well offshore Suriname. While the company didn't state that it had drilled a dry hole, it planned to continue drilling deeper and conduct more tests, which led investors to believe that it hadn't found commercial hydrocarbons.
Image source: Getty Images.
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Source: Motley Fool
(January 7, 2020 - 11:00 AM EST)
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