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Apache Corp. Message Board

  • gordonfan4life2 gordonfan4life2 Feb 16, 2013 11:10 PM Flag

    The Well Problem...

    seems to have caused most of the drop in Apache. A small drop from the report suddenly became a collpase in the late afternoon and the next morning. IIf the well remains stable and can be permanently shut in, perhaps a bounce would be in order. After the BP disaster, I guess its not surprising that some investors freaked out. Shallow water well that is shut in and stable and gas (not oil), but everybody has thoughts of the BP disaster. No leaks and evrything remains under control, this could just be a big scare that doesn't amount to anything.

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    • Fundamentals aside, there is just no technical support for this stock. The preliminary P&F PO is $67. This is just when the downward velocity slows, so it means it can go lower than this price. I have bot and sld the stock several times over the past few months, but am now just staying out of it.

    • It is old news and a no event since it is dry gas only, in shallow waters. Eventually it may pay out since it appears to be a monster well. Anyway reported already at February 5

      'On Feb. 5, during drilling operations at Main Pass 295 in the Gulf of Mexico utilizing the Ensco 87 rig, Apache took a kick from an abnormally pressured gas zone. The well was shut in, and the blowout preventers are functioning properly. Apache is working with well control experts from Boots and Coots to kill the well. Diagnostic procedures indicated an underground migration from the bottom of the well (8,261 feet) to another sand formation at approximately 1,100 feet. At the direction of the Bureau of Safety and Environmental Enforcement, Apache is preparing to move the Rowan Cecil Provine, another drilling rig currently under contract with Apache, to the location in the event it is determined that drilling a relief well is necessary.

      There were no injuries associated with the incident.

      We evacuated non-essential personnel from the rig, and notified the government. Safety and equipment procedures have worked as designed and tested.

      There are no bubbles on the surface
      Divers have verified there is no breach on the seafloor
      This event involves natural gas; there are no associated hydrocarbon liquids involved
      We evacuated 15 people; we currently have approximately 50 people onboard.'

    • I agree. I put a 60 day dration limit order in on Friday to buy (my first purchase in the stock) at $75.50 - figuring it may execute this coming week. Last night upon reading about the well - I cancelled the order.
      I was in on Hal and RIG when Mercando "erupted". I bought additional shares of RIG a week or so after the disaster. It was way early since I bought in the low to mid 50's, and the stock bottomed in the low 40's - high 30's a good bit later. I bought more at the bottom, but the 50's lots were "dead money" until late last month with the Icahn news.

      So I am waiting and concerned APA could go well down in the 60's with the current "big deal" scenario - on the fear you speak of, and low 50's if a real problem developes and there is panic.
      I am tired of being "early".

      Sentiment: Hold

 
APA
73.36-2.45(-3.23%)Nov 25 4:06 PMEST

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