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Energy Summary for April 12, 2017

2017-04-12 20:57 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for May delivery lost 29 cents to $53.11 on the New York Merc, while Brent for June lost 37 cents to $55.86 (all figures in this para U.S.). Western Canadian Select traded at a discount of $9.55 to WTI ($43.56), unchanged. Natural gas for May added four cents to $3.19. The TSX energy index lost 2.23 points to close at 202.28.

The Australia-, South Africa- and Hungary-focused Falcon Oil & Gas Ltd. (FO) dove 6.5 cents to 33.5 cents on 5.01 million shares. The drop attracted the attention of the Investment Regulatory Organization of Canada (IIROC), which made a "recommendation" -- Falcon's word -- that Falcon address this market activity. The resulting two-sentence press release said Falcon "is fully disclosed and is not aware of any reason for this activity."

IIROC has yet to learn that a narrow question (or "recommendation") receives a narrow answer. Falcon will of course be aware of the speculation swirling around one of its core areas, Australia. There, in the Beetaloo basin, Falcon owns a 30-per-cent interest in a shale gas project, which is operated by the Sydney-based Origin Energy with a 35-per-cent interest. (The remaining 35 per cent is held by Sasol Petroleum.) In mid-February, Falcon's stock climbed up to 14 cents from nine cents after Origin trumpeted a "material gas resource" outlined at the project (as discussed in the Feb. 15 Energy Summary). One factor holding activity back is the fact that Australia's Northern Territory, where the project is located, introduced a fracking ban last fall in order to conduct a review of the practice. Speculation that the ban will be lifted has since sent Falcon's stock racing up to around the 40-cent level.

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