Kea Petroleum (LON:RRL) announced this morning that it has made an oil discovery in a new sand reservoir at Puka 2 in the lower Mount Messenger "Mako" Sands.
Ian Gowrie-Smith, Chairman of Kea Petroleum, commented: "We are delighted to have again struck oil at Puka. This new discovery, with its high quality sands, is likely to have much better flow rates than Puka 1. Kea can now look forward with confidence to an early and substantial cash flow."
Broker FoxDavies said: 'Today's announcement that Kea's second well in its Puka asset has intersected an oil reservoir in the lower Mako sands. While testing will be required to evaluate what this discovery means for recoverable reserves, the discovery of deeper prospectivity is a positive step forward for the commerciality of the field.
Kea Petroleum are currently trading at 10.01 pence a share, up 33.50% on opening.
Gold Oil (LON:GOO) confirmed this morning that increased its interest in the Nancy Burdine field to 100% interest.
Broker FoxDavies said: 'Following what has been a difficult period for the Company, any improvement in fortunes, no matter how small, should be welcomed, and while there needs to be a continuation of news such as this for a discernible pattern to be established, the outlook, on the basis of the performance of management since the shares have returned from suspension, is promising.'
Gold Oil are currently trading at 1.90 pence a share, up 7.34% on opening.
Gasol (LON:GAS) shares have risen by 7.74% this morning and are currently trading at 16.70 pence a share.
This article is for information and discussion purposes only and does not form a recommendation
to invest or otherwise. The value of an investment may fall. The investments referred to in this
article may not be suitable for all investors, and if in doubt, an investor should seek advice from
a qualified investment adviser. More