Canacol Energy Ltd., (CNEC) a Calgary-based oil company that operates in Colombia, rose to a two-week high after saying output has grown 28 percent from the first-quarter average, soaring past its full-year target.
The shares advanced 5.3 percent to 5,770 pesos at 11:32 a.m. in Bogota, the highest level on a closing basis since June 19. The company was the best performer on the Colcap index, which declined 0.2 percent.
Production averaged about 9,832 barrels of oil equivalent per day in the first week of July, up from 7,659 barrels a day in the first calendar quarter, the company said today in statement. Canacol surpassed the 7,500 to 8,500 barrels a day target it had set for production this year as it added production from its Labrador 3 well in central Colombia, according to the company.
“People really like that their production is now up to that level,” Christopher Brown, an analyst at Canaccord Genuity Corp., said in a telephone interview from Calgary. “If they can maintain that through the third quarter, that would be great.”
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