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Petrominerales Rising after New Well Produces 5K Barrels Daily

Petrominerales Ltd. (PMG.TO) is up nearly 4% this morning after late yesterday saying its Cobra-2 well on the Corcel block in Peru is producing over 5,000 barrels of oil per day.

Cobra-2 was drilled to target by-passed pay in the Guadalupe formation encountered in the original discovery well. With Cobra-2 coming online, Petrominerales now is producing 39,000 barrels per day.

Following completion operations, the company anticipates moving the drill rig to Tente-1, the next prospect at the Corcel Block.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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