18:56:41 EDT Fri 23 Aug 2019
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Energy Summary for Feb. 6, 2019

2019-02-06 20:19 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for March delivery added 35 cents to $54.01 on the New York Merc, while Brent for April added 71 cents to $62.69 (all figures in this para U.S.). Western Canadian Select traded at a discount of $9.45 to WTI, unchanged. Natural gas for March was unchanged at $2.66. The TSX energy index added a fraction to close at 149.55.

South American oil producer Frontera Energy Corp. (FEC) lost 25 cents to $11.15 on 114,200 shares. It has dropped from $11.80 since announcing on Friday that it has firmed up its planned Guyanese joint venture with CGX Energy Inc. (OYL), up two cents to 47 cents on 65,200 shares. CGX simultaneously announced a $29-million equity rights offering entitling holders to subscribe for shares at 25 cents, with Frontera standing by to purchase any unexercised rights. Frontera has long owned about 45 per cent of CGX's shares, but only recently decided to work directly with CGX at its assets off the coast of Guyana, known as the Corentyne and Demerara blocks. Under the terms of the joint venture, Frontera will acquire a 33.33-per-cent interest in both blocks in exchange for $33.3-million (U.S.), and must pay one-third of the costs plus an additional 8.333 per cent of CGX's drilling costs for the initial exploration wells at both blocks. The first well, Utakwaaka-1 on the Corentyne block, is expected to be spudded next quarter.

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