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Edge Resources shares advance as reserves climb
Edge Resources (LON:EDG) (CVE:EDE) shares advanced on Thursday as investors and analysts welcomed a positive update from its Canadian heavy oil operations.
The AIM and TSX Venture quoted oil producer followed up record monthly revenues with a hefty jump in reserves at its Canadian heavy oil operations.
A new Competent Person's Report increased the value of Edge's proved and probable (P+P) reserves by 44% to C$129mln ( or 43p/share compared to a year ago.
Most of the growth was in the proved reserve value, which rose 72% year on year to 7.6 million barrel equivalent with half of the rise attributable to core asset at Eye Hill, Saskatchewan.
Total Proved reserve value "Oxandrolone Powder India" is now C$69.2 Oxandrolone Oral mln, or approximately 23p/share.
The reserve replacement ratio (reserves added/reserves produced during the year) was 458% with total funding costs C$3.8mln.
In this morning statement, chief executive Brad Nichol said: "Edge's long term strategic focus on conventional, shallow, low cost, repeatable reservoirs continues to deliver shareholder value with reserve growth exceeding even our high expectations this year. also told investors that many more drilling locations will be added to the program in the future at Eagle Eye, and most of those locations are outside the area examined by the reserves assessment.
Indeed, in a note, Sanlam Securities points out that the reserves report is based on Edge adding just six locations and the Buy Cheap Jintropin Online broker expects the team will generate between 25 and 40 new potential locations.
Sanlam analyst Charlie "Oxandrolone Powder India" Long says the company progress in recent months is pleasing as it can now self fund production growth, which is central to the investment case.
looks to have turned a corner with a bright future ahead, all supported by a firm heavy oil price outlook, Long said.
The analyst also points out that the differential on heavy oil (versus light oil) is now less than $20 per barrel, so Edge Primobolan Oral Vs Injectable is currently receiving more than US$80 for every barrel it sells.
Meanwhile, fellow City broker SP Angel, focusing purely on the six new locations revealed today, for the time being, upgraded its price target for Edge by 18%.
SP Angel repeated a recommendation following today update and lifted its target to 19 pence per share.
reserve increases are positive for sentiment, it is meaningless unless accompanied by an expectation that they be produced, said SP Angel analyst Zac Phillips.
a consequence, the company disclosure that it has added 6 wells to its ideal drilling program is positive. shares in Toronto rose 14.3% on Thursday, to 16 Canadian cents.
Proactive Investors North America Inc, trades as "Proactiveinvestors USA Canada".
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