Energy Summary for Feb. 6, 2018

by Stockwatch Business Reporter

West Texas Intermediate crude for March delivery lost 76 cents to $63.39 on the New York Merc, while Brent for April lost 76 cents to $66.86 (all figures in this para U.S.). Western Canadian Select traded at a discount of $30.70 to WTI ($32.69), unchanged. Natural gas for March gained one cent to $2.76. The TSX energy index gained a fraction to close at 176.66.

Wayne Foo and Dave Taylor's Colombian oil producer,Parex Resources Inc. (PXT), slipped four cents to $18.53 on 1.64 million shares, after releasing its year-end reserves update. The company increased its proved plus probable (2P) reserves to 162 million barrels of oil equivalent at the end of 2017 from 112 million barrels at the end of 2016. Much of its 2P reserves, over 134 million barrels, are in the LLA-34 block. Last week, Parex spudded its latest exploration well at LLA-34 called the Chachalaca Sur-1 well. One of its other wells on the block, the Tigana Norte-6 well, is now producing about 1,450 barrels of oil a day. This is lower than the previous Tigana Norte well results, including1,800 barrels a day from Tigana Norte-3 and 1,850 barrels a day from Tigana Norte-4. The LLA-34 block contributes about 30,000 barrels a day to Parex's total production of about 39,000 to 40,000 barrels a day. The company expects to boost production to 42,000 barrels a day in 2018 from 35,540 barrels a day in 2017.

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