Oil Giant Sees Stock Soar 20% On Unexpected Oil Find | OilPrice.com

Oil Giant Sees Stock Soar 20% On Unexpected Oil Find | OilPrice.com:

Two weeks after France’s supermajor Total joined Apache Corporation in a highly prospective block offshore Suriname, the two oil corporations announced a significant oil discovery in the block, stoking hopes that the prolific Guyana discoveries are extending into the waters of neighboring Suriname.

Apache and Total made the oil discovery at the Maka Central-1 well drilled offshore Suriname on Block 58, in which Total had just acquired a 50-percent working interest and operatorship.  


“The new license expands our positions in the Guyana-Suriname Basin, a highly favorable petroleum province,” Arnaud Breuillac, President, Exploration & Production at Total, said at the end of December, when the French company announced the deal.

After drilling the Maka Central-1 well in Block 58, Total and Apache struck oil, with Apache CEO and President John J. Christmann saying “We are very pleased with results from Maka Central-1.”