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by Stockwatch Business Reporter
West Texas Intermediate crude for June delivery gained 24 cents to $68.64 on the New York Merc, while Brent for June gained 65 cents to $74.71 (all figures in this para U.S.). Western Canadian Select traded at a discount of $18.85 to WTI ($49.79), widening from a discount of $16.65. Natural gas for May gained a fraction of a cent to $2.74. The TSX energy index gained 2.83 points to 198.80.
Egypt- and Morocco-focused SDX Energy Inc. (SDX) gained 17 cents to $1.28 on 1.15 million shares, adding to the nine cents that it gained last Friday after releasing gas exploration results from Morocco. Its LNB-1 well on the Lalla Mimouna permit has encountered a 300-metre gas-bearing section in the Lafkerena sequence, though the company failed to finish logging the section because of too much pressure. SDX Energy has suspended work in the Lafkerena while waiting for appropriate equipment. In the meantime, it is boasting of having discovered a new petroleum system and is already throwing around figures such as a preliminary estimate of 10.2 billion cubic feet of recoverable gas and 55,000 barrels of recoverable condensate. The efforts of president and chief executive officer Paul Welch to hype the early results seem to be working, as the stock reached an all-time high today.
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