from
petroleumnews.net/PREMIUM
AS THE moment of truth draws closer for the Valentine-1 exploration well, the Canning Basin partners are receiving different reactions from the market.
Operator Arc Energy has added 2.1% this week, or 9.2% for the month, for a share price that closed yesterday at $1.43.
This modest growth came despite the company's bullish announcement that drilling results to date from the high-impact well were looking good for the updip Stokes Bay well and the basin's regional prospectivity.
Arc said the results had confirmed a significant hydrocarbon system in the Fitzroy Trough of the greater Canning Basin, as well as reservoir quality sands and high quality shale seals.
But Valentine-1 is still yet to reach its primary objective, which forms a big part of Arc's analysis that this well alone could yield 1 trillion cubic feet of gas plus 200 million barrels of oil.
A discovery of this size would transform all the companies involved, especially junior partners Empire Oil & Gas, First Australian Resources (FAR), Pancontinental Petroleum and Emerald Oil & Gas.
But their share price movements are not necessarily reflecting their growing anticipation as the well nears total depth.
Emerald was the worst performer, losing 15% of ground for the week to close at 26c per share. Despite the drop, EMR was still up 18.6% for the month.
Fellow co-venturer, Pancontinental also dropped 7.5% from its share price to close at 6.4c per share. This comes on top of a 4.5% decrease last week.
Fellow co-venturer Empire was actually up 12% to 2.8c, while the standout achiever was FAR – up 13% to 23.8% for the week.
- Forums
- ASX - By Stock
- valentine sends mixed messages
from petroleumnews.net/PREMIUM AS THE moment of truth draws...
-
-
- There are more pages in this discussion • 4 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Add EMR (ASX) to my watchlist
|
|||||
Last
$3.85 |
Change
0.030(0.79%) |
Mkt cap ! $2.527B |
Open | High | Low | Value | Volume |
$3.87 | $3.91 | $3.82 | $4.155M | 1.075M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
3 | 6982 | $3.85 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$3.86 | 1401 | 2 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 1122 | 3.840 |
1 | 1122 | 3.830 |
2 | 3122 | 3.820 |
1 | 1122 | 3.810 |
2 | 2322 | 3.800 |
Price($) | Vol. | No. |
---|---|---|
3.860 | 1122 | 1 |
3.870 | 1122 | 1 |
3.880 | 1122 | 1 |
3.890 | 1122 | 1 |
3.900 | 1122 | 1 |
Last trade - 16.10pm 06/09/2024 (20 minute delay) ? |
Featured News
EMR (ASX) Chart |