Royale Energy Jumps Pre-Market on Identification of Large Drillable Target Expected to be Oil ProneMd Noman Siddique (Author) Published Date : May 29, 2014 19:14 IST
Royale Energy (ROYL) shares jumped in Thursday's pre-market session, after the oil-and-natural-gas producer and partner Rampart Energy said they identified via Alaskan 3D seismic data a large conventional target covering an area of up to 20,000 acres. Supporting the delineation of this target is the presence on the 3D seismic of high amplitudes and flat spots, which the companies interpret to be Direct Hydrocarbon Indicators, it said.
These anomalies are located within a critical interval of prospectivity, where elsewhere on the North Slope the same characteristics have had excellent exploration results. The prospect conforms to thermal maturity windows and is expected to be oil prone. ROYL was up 19% at $3.34 in recent pre-market trading, in a 52-week range of $2.42 to $3.69.
The large prospect identified is a fantastic example of why Rampart and Royale wanted to participate in Alaskan exploration, said Rampart Managing Director Torey Marshall. We remain on track with guidance provided to the market and look forward to drilling in 2015.
Royale Energy Jumps Pre-Market on Identification of Large Drillable Target Expected to be Oil Prone