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by Stockwatch Business Reporter
West Texas Intermediate crude for August delivery added 46 cents to $46.54 on the New York Merc, while Brent for September added 49 cents to $48.91 (all figures in this para U.S.). Western Canadian Select traded at a discount of $9.75 to WTI ($36.79), unchanged. Natural gas for August added two cents to $2.98. The TSX energy index added a fraction to close at 169.61.
Colombia-focused Parex Resources Inc. (PXT) added 25 cents to $14.95 on 364,400 shares. It has not released news in two months, but yesterday, a quarterly operational update arrived from its joint venturer at the LLA-34 block, GeoPark. GeoPark is the operator of this block and owns 45 per cent of this block, while Parex owns the rest. The heart of the block is the Tigana/Jacana oil field trend. Yesterday, GeoPark trumpeted further drilling successes along the trend, noting that six new wells came on production during the second quarter and boosted gross output by a total of 5,700 barrels of oil a day. Total quarterly production from LLA-34 averaged about 19,900 barrels a day net to GeoPark. This implies that gross quarterly production from LLA-34 was over 44,300 barrels a day, up from 34,000 a year ago and up from nothing five years ago. The joint venturers are aiming to keep boosting production throughout this year. GeoPark announced yesterday that they have spudded their latest exploration well, Curucuru-1. This well is next to the Jacamar oil field that the joint venturers discovered last month.
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