Questerre jumps 9 pct after increase in oil reserve estimates

Questerre Energy (Canada)

12/03/2018 11:20

** Shares of Canadian oil and gas firm Questerre
 QEC.OL  QEC.TO  surge 9 pct to 6.97 Norwegian crowns after an
upgrade of reserves in year-end report
    ** "Our reserve growth reflects the active drilling program
at Kakwa this year and the light oil acquisition at Antler", CEO
Michael Binnion says in the statement
    ** Proven and probable gross reserves grew by 20 pct to
18.41 MMBoe in 
    ** On its Utica gas resources in Quebec Binnion said: "The
best estimate of risked contingent resources net to Questerre
for the Becancour and Lotbiniere project areas is unchanged at
214 Bcf"
    ** Broker Sparebank 1 Markets says: "We have already
included a reserve upside in our SOTP (sum of the part)
valuation. Therefore, we do not make any changes to our
forecasts after the announcement or 2017 reserves. We keep buy
and NOK 11/share target price." 


    

 (Olepetter.skonnord@thomsonreuters.com)