US-focused Caza Oil & Gas jumped after it confirmed it had reached total vertical depth on its Forehand Ranch well on schedule. Log and core data confirmed the presence of multiple potential pay zones containing oil and liquids-rich natural gas, the firm said. The company added that a twelve stage frac at its Caza Ridge site went off successfully, and it hoped to provide post frac production results in the coming weeks. Shares rose 7.25% following the announcement.
Edge Resources also rose strongly after announcing the successful drilling, completion and equipping of two oil wells at its Grand Forks property in Alberta. The company now expects to significantly increase production at the site. The wells have already been tied-into existing pipelines and are being production-tested utilizing the company's existing facilities. Shares were up 8% on the news.
President Energy said it had completed farm-in agreements to both its Pirity and Demattei concessions in Paraguay. The agreements provide for the company to earn up to a 59% interest in the Pirity Block from Pirity Hidrocarburos and up to a 60% interest in the Demattei Block from Crescent Global Oil Paraguay. Following the completion of the farm-in agreements, Pirity Hidrocarburos will complete a subscription for 18.75m new ordinary shares of the company for a total of £3.75m.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Lloyds, Halifax and Bank of Scotland to shut another 45 branches
Lloyds Banking Group, which includes Halifax and Bank of Scotland, is set to close a further 45 branches in 2024 - find out if a branch near you is closing.
By Vaishali Varu Published
US stock trading app Robinhood launches in the UK
The low-cost trading platform has opened another waiting list for British investors - following two failed attempts to launch in this country - and is hoping to be fully operational next year.
By Ruth Emery Published