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Energy Summary for Jan. 4, 2017

2017-01-04 20:53 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for February delivery added 93 cents to $53.26, while Brent for March added 99 cents to $56.46 (all figures in this para U.S.). Western Canadian Select traded at a discount of $16.00 to WTI ($37.26), unchanged. Natural gas for February lost six cents to $3.26. The TSX energy index added a fraction to close at 223.12.

Colombia-focused Parex Resources Ltd. (PXT) added 47 cents to $17.59 on 714,900 shares. Joint venturer GeoPark has wasted no time starting this year's work program on the LLA-34 block in the Llanos basin, where, according to GeoPark's announcement yesterday after the close, the Tigana Sur-6 development well has been spudded and the Chiricoca-1 exploration well is awaiting testing in the next couple of weeks. GeoPark owns 45 per cent of the LLA-34 block and is the operator, and Parex owns 55 per cent. The Tigana Sur-6 is part of, and the Chiricoca-1 well is northwest of, the Tigana/Jacana oil field complex, which GeoPark says is now producing about 29,600 gross barrels of oil a day from 15 wells. That is up from production of about 25,000 gross barrels a day in the third quarter of 2016, with only two additional wells drilled since then. GeoPark promised to provide more operating highlights and a drilling schedule for 2017 next Monday.

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