Fly News Breaks for January 8, 2020
Jan 8, 2020 | 05:01 EDT
Stifel analyst Michael Scialla upgraded Apache to Buy from Hold with a price target of $39, up from $22. The discovery of oil in offshore Suriname and condensate in two main intervals confirms two of seven play types the company expects to test on its 1.4 million-acre Block 58, Scialla tells investors in a research note. Continued success on the block, where Apache has identified more than 50 prospects within a thermally mature play fairway, could be "transformational for a company that has been a laggard since its last major discovery," contends the analyst.
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