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Energy Summary for Feb. 26, 2018

2018-02-26 21:13 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for April delivery gained 36 cents to $63.91 on the New York Merc, while Brent for April gained 19 cents to $67.50 (all figures in this para U.S.). Western Canadian Select traded at a discount of $28 to WTI ($35.91), unchanged. Natural gas for March gained one cent to $2.64. The TSX energy index gained 1.60 points to 178.63.

TAG Oil Ltd. (TAO) fell 11 cents to 37.5 cents on 669,100 shares, after announcing that its Pukatea-1 exploration well on the Puka field in New Zealand failed to hit its target, the Tikorangi formation. TAG Oil began hyping Puka around this time last year. It repeatedly boasted of initial production rates of up to 5,000 barrels of oil a day per well at a neighbouring field. For context, TAG Oil produced a total of 1,043 barrels of oil equivalent a day in the quarter ended Dec. 31, 2017, from its two producing fields, Cheal and Sidewinder (both in New Zealand). After a year of touting the Puka field and the supposed underlying Tikorangi formation, TAG Oil finally spudded Pukatea-1 late last month. A little over a week ago, the company declared that Pukatea-1 was "living up to expectation so far." It then added: "Now, we drill on to our primary target in the deeper, high-impact Tikorangi limestone target. With approximately a week left until we reach the Tikorangi, pressure is building, and our excitement is mounting."

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