00:14:26 EDT Fri 09 Jun 2023
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Parex Resources Inc
Symbol PXT
Shares Issued 115,506,983
Close 2022-06-21 C$ 22.79
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FP says Canacol Energy, others tumble on Petro win

2022-06-21 07:23 ET - In the News

See In the News (C-CNE) Canacol Energy Ltd (2)

The Financial Post reports in its Tuesday edition that oil and gas companies with assets in Colombia dropped Monday after Gustavo Petro won Colombia's presidential election on a program to move the country away from its reliance on energy exports. The Post's Geoffrey Morgan writes that Canacol Energy posted the biggest declines among Toronto-listed, Colombia-focused oil producers, dropping as much as 9.3 per cent Monday, marking its biggest intraday decline since May, 2020. Canacol ended the day at $2.58, off 3.7 per cent. Parex Resources and Gran Tierra Energy, both also based in Calgary, fell as much 11 per cent each. Parex ended the day at $22.41, off 5.6 per cent; Gran Tierra did not recover, closing at $1.62, down just shy of 11 per cent. Still, Eight Capital analyst Phil Skolnick said the retreat was a "buying opportunity." He said in a note on Monday, "We continue to believe it is difficult for radical changes to be made due to the balance of powers in Colombia." Mr. Petro has said he wants to halt auctions of new oil and gas exploration blocks. Mr. Skolnick noted that Colombian presidents are "limited to one single four-year term" meaning, "the winner is essentially a lame duck, in our view."

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