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Tuesday, January 19, 2021

Apache opts for exclusive listing on Nasdaq as industry awaits Suriname well results

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Apache Corporation said Wednesday it has elected to list its common stock solely on the Nasdaq Stock Market beginning June 9, 2020. The company will discontinue listing its common stock on the New York Stock Exchange and the Chicago Stock Exchange after the market closes on June 8.

Additionally, Apache said it will discontinue listing its 7.75% notes due 2029 from the New York Stock Exchange on the same date, and such notes will no longer be listed on any national securities exchange.

“We’re pleased to continue our relationship with Nasdaq through this exclusive listing. Apache has been listed on Nasdaq since 2004, and our shareholders have benefited from efficient, orderly trades on its electronic platform,” said John J. Christmann IV, Apache’s chief executive officer and president. “This decision is part of our ongoing initiatives to simplify processes and increase efficiency; Nasdaq provides premium services that allow us to reach investors in a cost-effective manner.”

Apache’s announcement comes just over one month since it spudded the Kwaskwasi-1 prospect located approximately 10 kilometers (6 miles) northwest of Sapakara West-1, where the company made its second discovery offshore Suriname.

Industry players have been keenly awaiting the results from Kwaskwasi-1 as anticipation remains high that Suriname deepwater could contain significant hydrocarbon resources, similar to the prolific Stabroek Block offshore Guyana.

With an election taking place in Suriname this week, Block 58 partners Apache and Total could be waiting for this to conclude before making an announcement.

Following Kwaskwasi-1, a fourth exploration prospect, Keskesi East-1, will be drilled approximately 10 kilometers (6 miles) southeast of the Sapakara discovery well.

Both the Keskesi and Kwaskwasi-1 exploration wells will test oil-prone upper Cretaceous targets in the Campanian and Santonian intervals in reservoirs that appear to be independent from the Maka and Sapakara discoveries.

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