PA Resources Advances After Oil Find in Africa: Stockholm MoverKatarina Gustafsson
PA Resources AB, a Swedish oil and gas exploration company operating in Africa and the North Sea, advanced the most in almost a week in Stockholm trading after making an oil find in Equatorial Guinea.
PA Resources rose as much as 9.4 percent, the steepest intraday gain since April 26. The shares increased 4.3 percent to 24.50 kronor as of 10:28 a.m. in the Swedish capital, valuing the company at 696 million kronor ($107.3 million). Volume on the stock was double the average daily trading over the past three months.
Oil was discovered in “good quality” sandstones in the Carla South exploration well in Block I in Equatorial Guinea after the well reached a total depth of 3,660 meters (12,000 feet), the company said in a statement today. PA Resources holds a 5.7 percent interest in the block.
“This is a positive start to the 2013 drilling program,” Chief Executive Officer Bo Askvik said in the statement. “Further analysis of the data will be required to assess the implications of the well and next steps on this trend.”