Petrominerales Jumps Most in Eight Weeks After Test Produces Oil

Petrominerales Ltd. (PMGC), the Calgary-based oil producer with most of its operations in Colombia, rose the most in eight weeks after saying it was able to produce oil from a test well.

The shares advanced 10 percent to 11,280 pesos at 1:17 p.m. in Bogota, set for the biggest gain since June 18. It was the biggest advance on the Colcap equity index, which was little changed.

Petrominerales said in a statement today that a test of its Taya-1 well produced 5,218 barrels of oil per day.

The oil explorer has lost 23 percent this year, the biggest decline on the Colcap.

To contact the reporter on this story: Newley Purnell in New York at npurnell1@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net

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