We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
APA's Sapakara South-2 Well Encounters 118ft of Net Oil Pay
Read MoreHide Full Article
APA Corporation (APA - Free Report) has successfully drilled and flow-tested the Sapakara South-2 (SPS-2) appraisal well, the second appraisal well to test the previously announced discovery in the area.
The well is located about 4.6 kilometers south of the Sapakara South-1 (SPS-1) appraisal well. It has encountered approximately 118 feet of high-quality net oil pay in the Campano-Maastrichtian reservoir. The deposit could hold more than 200 million barrels of oil in reserves.
APA and TotalEnergies are partners in the project, with TotalEnergies serving as the operator. APA Suriname holds a 50% working interest in Block 58 while TotalEnergies holds the remaining 50%.
The success of offshore drilling in Suriname is being watched closely, given the massive discoveries made offshore neighboring Guyana. Suriname could potentially produce 650,000 barrels per day by 2030, with first oil flow expected in 2025.
According to John J. Christmann IV, the CEO and president of APA Corporation, the results from the drilling and flow tests of the Sapakara South-2 appraisal well are consistent with their pre-drill expectations, confirming their geological, geophysical, and reservoir models. He also stated that the successful drilling and flow testing has added substantial resources toward a potential development. APA is focused on drilling two appraisal wells at the Krabdagu discovery, which is about 17 kilometers east of Sapakara.
Zacks Rank and Key Picks
Houston-based APA Corporation is a leading independent energy company with operations in Egypt, the United States, and the U.K., as well as offshore Suriname and other international locations. It is engaged in the exploration, development, and production of natural gas, crude oil, and natural gas liquids since 1954.
Currently, APA Corporation carries a Zacks Rank #3 (Hold). Meanwhile, investors interested in the energy sector might look at stocks like ProPetro Holding (PUMP - Free Report) and Energy Transfer (ET - Free Report) , both sporting a Zacks Rank #1 (Strong Buy) and Helmerich & Payne (HP - Free Report) holding a Zacks Rank #2 (Buy).You can seethe complete list of today’s Zacks #1 Rank stocks here.
ProPetro Holding currently has a forward P/E ratio of 4.43. In comparison, its industry has an average forward P/E of 25.40, which means PUMP is trading at a discount to the group.
ProPetro Holding is worth approximately $1.13 billion. Its shares have declined 20.8% in the past year.
Energy Transfer LP is valued at around $39.66 billion. ET delivered an average earnings surprise of 16.34% for the last four quarters, and its current dividend yield is 9.50%.
Energy Transfer LP currently has a forward P/E ratio of 8.95. In comparison, its industry has an average forward P/E of 14.20, which means Energy Transfer LP is trading at a discount to the group.
Helmerich & Payne is valued at around $4.78 billion. Helmerich & Payne, headquartered in Tulsa, OK, has a trailing four-quarter earnings surprise of roughly 130.98% on average.
Over the past 60 days, the Zacks Consensus Estimate for HP's fiscal 2023 earnings has been revised by 18.8%. In the past year, HP stock has rallied 36.3%.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
APA's Sapakara South-2 Well Encounters 118ft of Net Oil Pay
APA Corporation (APA - Free Report) has successfully drilled and flow-tested the Sapakara South-2 (SPS-2) appraisal well, the second appraisal well to test the previously announced discovery in the area.
The well is located about 4.6 kilometers south of the Sapakara South-1 (SPS-1) appraisal well. It has encountered approximately 118 feet of high-quality net oil pay in the Campano-Maastrichtian reservoir. The deposit could hold more than 200 million barrels of oil in reserves.
APA and TotalEnergies are partners in the project, with TotalEnergies serving as the operator. APA Suriname holds a 50% working interest in Block 58 while TotalEnergies holds the remaining 50%.
The success of offshore drilling in Suriname is being watched closely, given the massive discoveries made offshore neighboring Guyana. Suriname could potentially produce 650,000 barrels per day by 2030, with first oil flow expected in 2025.
According to John J. Christmann IV, the CEO and president of APA Corporation, the results from the drilling and flow tests of the Sapakara South-2 appraisal well are consistent with their pre-drill expectations, confirming their geological, geophysical, and reservoir models. He also stated that the successful drilling and flow testing has added substantial resources toward a potential development. APA is focused on drilling two appraisal wells at the Krabdagu discovery, which is about 17 kilometers east of Sapakara.
Zacks Rank and Key Picks
Houston-based APA Corporation is a leading independent energy company with operations in Egypt, the United States, and the U.K., as well as offshore Suriname and other international locations. It is engaged in the exploration, development, and production of natural gas, crude oil, and natural gas liquids since 1954.
Currently, APA Corporation carries a Zacks Rank #3 (Hold). Meanwhile, investors interested in the energy sector might look at stocks like ProPetro Holding (PUMP - Free Report) and Energy Transfer (ET - Free Report) , both sporting a Zacks Rank #1 (Strong Buy) and Helmerich & Payne (HP - Free Report) holding a Zacks Rank #2 (Buy).You can see the complete list of today’s Zacks #1 Rank stocks here.
ProPetro Holding currently has a forward P/E ratio of 4.43. In comparison, its industry has an average forward P/E of 25.40, which means PUMP is trading at a discount to the group.
ProPetro Holding is worth approximately $1.13 billion. Its shares have declined 20.8% in the past year.
Energy Transfer LP is valued at around $39.66 billion. ET delivered an average earnings surprise of 16.34% for the last four quarters, and its current dividend yield is 9.50%.
Energy Transfer LP currently has a forward P/E ratio of 8.95. In comparison, its industry has an average forward P/E of 14.20, which means Energy Transfer LP is trading at a discount to the group.
Helmerich & Payne is valued at around $4.78 billion. Helmerich & Payne, headquartered in Tulsa, OK, has a trailing four-quarter earnings surprise of roughly 130.98% on average.
Over the past 60 days, the Zacks Consensus Estimate for HP's fiscal 2023 earnings has been revised by 18.8%. In the past year, HP stock has rallied 36.3%.