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Energy Summary for April 12, 2018

2018-04-12 21:26 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for May delivery gained 25 cents to $67.07 on the New York Merc, while Brent for June lost four cents to $72.02 (all figures in this para U.S.). Western Canadian Select traded at a discount of $16.80 to WTI ($50.27), unchanged. Natural gas for May gained one cent to $2.69. The TSX energy index gained a fraction to 189.80.

Oil and gas producers had a mixed day. MEG Energy Corp. (MEG) gained 12 cents to $5.93 and Athabasca Oil Corp. (ATH) gained four cents to $1.38. Meanwhile, Peyto Exploration & Development Corp. (PEY) lost 24 cents to $11.62 and Bonavista Energy Corp. (BNP) lost four cents to $1.37.

Egypt- and Morocco-focused SDX Energy Inc. (SDX) gained two cents to 94 cents on 1.39 million shares, having found gas at the Ibn Yunus-1X well on its South Disouq project in Egypt. The well encountered 100.8 feet of net gas pay, and it is the company's second gas discovery at the project. President and chief executive officer Paul Welch is "extremely encouraged" by the "highly positive" result. Extremely encouraged though he may be, SDX Energy will not yet test the well. Once it removes the drilling rig, it expects to wait for 30 to 45 days before it can obtain testing equipment. There is no need to hurry, though. The company made its first gas discovery at South Disouq a year ago, but until now it has not begun production at the project. It is stuck in prolonged negotiations with the Egyptian government over gas prices. It had hoped to put South Disouq on production in the first quarter of 2018, but now it is pointing to the second half of 2018.

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