18:48:28 EDT Fri 23 Aug 2019
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Energy Summary for Feb. 7, 2019

2019-02-07 20:18 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for March delivery lost $1.37 to $52.64 on the New York Merc, while Brent for April lost $1.06 to $61.63 (all figures in this para U.S.). Western Canadian Select traded at a discount of $9.36 to WTI, up from a discount of $9.45. Natural gas for March lost 11 cents to $2.55. The TSX energy index lost 3.51 points to close at 146.04.

Africa Energy Corp. (AFE), a Lundin company, added six cents to 29 cents on 9.07 million shares, while fellow Lundin promotion Africa Oil Corp. (AOI) added seven cents to $1.28 on 192,500 shares, after both touted a "significant discovery and opening of [a] new petroleum province offshore South Africa." That quotation appeared word for word in the separate press release of the actual maker of the discovery, France's Total. Total is the operator and 45-per-cent owner of the offshore 11B/12B block in South Africa's Outeniqua basin. Africa Energy owns an effective 4.9-per-cent interest in this block, and Africa Oil has indirect exposure to the block through its 34.6-per-cent interest in Africa Energy. Another Canadian company, Canadian Natural Resources Ltd. (CNQ: $34.49), owns 20 per cent of the block, while Qatar Petroleum owns the remaining 20 per cent. Each of the above companies put out a press release talking up the new discovery. Specifically, the Brulpadda-1AX deepwater exploration well -- South Africa's first deepwater well -- has hit 57 metres of net gas condensate pay.

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