Edge Resources advances on completion of well in Canada

Shares in Edge Resources rose Wednesday after the oil and gas company said it completed drilling at the second well at its programme in Primate, Saskatchewan, Canada.

Shares in Edge Resources rose Wednesday after the oil and gas company said it completed drilling at the second well at its programme in Primate, Saskatchewan, Canada.

The horizontal well is being prepared for production after it was drilled and cased without incident.

It was drilled into a new formation and cased with a slotted liner in 495 meters of horizontal pay.

President and Chief Executive Officer, Brad Nichol, said: "We are very pleased that the drilling of our first horizontal well in a new horizon has gone so smoothly and quickly.

"With continuous oil shows throughout the entire 495 meters of horizontal leg, we are very keen to start producing this well.

"Given that breakup is almost upon us, we are taking the extra step of building a permanent road so that the well can produce without interruption throughout break-up."

He said the company expects successful testing will support further horizontal drilling locations, specifically targeting the new horizon.

"We certainly have the undeveloped land-base to support a large program and are eager to get started."

RD

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020

Most Popular

Prepare for the end of the epic bubble in US stocks
US stockmarkets

Prepare for the end of the epic bubble in US stocks

US stocks are as expensive as they’ve ever been. How can you prepare your portfolio for a bubble bursting?
18 Jan 2021
Bitcoin: fool’s gold or the new gold?
Bitcoin

Bitcoin: fool’s gold or the new gold?

With bitcoin hitting new highs last week, and close to becoming a mainstream investment, is it really gold for the 21st century?
15 Jan 2021
It's not just the UK – we're seeing pandemic housing booms across the globe
Property

It's not just the UK – we're seeing pandemic housing booms across the globe

Soaring house prices aren’t just a UK thing, they’re a worldwide phenomenon. And it’s no coincidence – the underlying cause is much the same. John Ste…
18 Jan 2021