As markets move higher after Friday’s reasonable US jobs figures, as well as positive Chinese trade data over the weekend, one of the biggest gainers in Cairn Energy.
The exploration group, which currently has no producing assets, has jumped nearly 9% or 13.7p to 171.6p after it announced a second oil discovery off the coast of Senegal. It said it had found oil at its SNE-1 well, close to the FAN-1 well where it made a discovery last month, and suggested it could hold 150m to to 670m barrels of recoverable reserves.
Some traders suggestes that the success could allow the company to sell part of its 40% share of three blocks in Senegal to fund exploration work in Europe and Morocco.
via The Guardian
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.