The fact that Apache's (APA) 50%/50% joint venture agreement with Total (TOT) to explore and develop 1.4MM acres in Block 58, offshore Suriname, includes a $100M "bonus" could be a signal that the latter had some "strong encouragement" from the currently drilling Maka Central-1 well, although the partners' unwillingness to announce a discovery "gives us some pause," Stifel analyst Michael Scialla said yesterday in a note to investors about the JV announcement. While adding that the Block 58 Suriname deal aligns Apache "with a technically and financially capable partner on attractive terms," Scialla kept a Hold rating and $22 price target on Apache shares.