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by Stockwatch Business Reporter
West Texas Intermediate crude for February delivery added $1.73 to $53.80 on the New York Merc, while Brent for March added $1.52 to $62.70 (all figures in this para U.S.). Western Canadian Select traded at a discount of $11.20 to WTI, down from a discount of $9.47. Natural gas for February added seven cents to $3.48. The TSX energy index added 1.14 points to close at 153.27.
Colombia- and Peru-focused Frontera Energy Corp. (FEC) lost 16 cents to $12.61 on 149,000 shares, giving back some of the 67 cents it had added over the previous three days after releasing an operational update on Tuesday. The update included some pleasing news from two of Frontera's Colombian blocks, Quifa and Guatiquia. Quifa is Frontera's largest producing block and is responsible for about 40 per cent of total production. The company spent much of 2018 working on a water-handling project in the southwest part of Quifa to enable the reactivation of previously shut-in wells. The water-handling project is now complete, and as a result, Quifa's gross production has gone up by 4,300 barrels of oil a day (2,600 net to Frontera). Meanwhile, at the Guatiquia block, the new Candelilla-7 development well, which was spudded in early December, has been tested successfully and is now producing 4,600 barrels a day. All of this has helped boost Frontera's total production to 72,000 barrels a day, up from about 65,000 in early November.
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