APA Corporation, the parent company of oil and gas producer Apache, says it struck water at the Rasper exploratory well in Block 53 offshore Suriname, sending its shares down more than 4 percent in premarket trading.
Exploration off Suriname is being watched closely as it is just over the border from massive oil discoveries by an ExxonMobil-led consortium in Guyana, which is estimated to hold more than 10 billion barrels of oil equivalent.
APA says it will move the drillship that was working on Rasper to the next exploration prospect in Block 53.
For more information visit www.apacorp.com
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