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

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APA Corporation (APA - Free Report) 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.

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 - Free Report) Magnolia Oil & Gas Corp (MGY - Free Report) , and Enerplus (ERF - Free Report) , each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

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