Energy Business Report: Suncor’s Positive Study, Noble Divests to Ithaca
Royale Energy (NASDAQ:ROYL) has supplied new operational details on Great Bear’s intentions to speed up testing and output on its North Slope property. Great Bear has applied to modify its plan of operations and also to extend a proposed production flow test from 15 days to a maximum of 180 days, along with drilling an additional well at the Alcor pad.
Are these stocks a buy or sell? Let us help you decide. Check out our Wall St. Cheat Sheet Stock Picker Newsletter now >>
Suncor Energy (NYSE:SU) receives a positive environmental evaluation for oil sands. Researchers report that toxins that are far downstream of the firm’s mines at the Fort McMurray oil sands in Alberta originate in the environment, and not from large steel stacks, which implies that the industrial impact is mostly local as opposed to broadly regional.
Noble Energy (NYSE:NBL) divests its interests in two non-operated North Sea oilfields to Ithaca Energy (IACAF.PK) for a price of $38.5 million. With this purchase, Ithaca raises its holding in the Cook field from around 28.4 to about 41.3 percent and also receives a 14 percent stake in the MacCulloch field from Noble. The transactions should yield a current year net output of 1,100 barrels of energy equivalent to Ithaca.
Don’t Miss: Here’s Why Coal is Climbing Despite Downgrade.