Bloomberg News

Harvest Natural Surges on Gabon Offshore Oil Discovery

January 04, 2013

Harvest Natural Resources Inc. (HNR:US), the oil explorer with operations in Venezuela, Indonesia and Oman, climbed the most in more than six months after reporting its second crude discovery off the coast of Gabon.

Harvest advanced 11 percent to $10.25 at the close in New York, the most since June 22, and its highest since Nov. 8, 2011.

Harvest found oil in the Dussafu Tortue Marin-1 well, the Houston-based company said in a statement today. The well, in 380 feet (116 meters) of water, was dug to a depth of more than 2 miles.

Further appraisal is needed to determine the scope of the discovery, including fluid sampling and a sidetrack well, according to the statement. Harvest operates Dussafu and holds a 66.66 percent stake.

Panoro Energy ASA (PEN), owner of 33.33 percent of Dussafu, rose 20 percent in Oslo to close at 3.35 kroner, the biggest one-day gain since it was spun off by Norse Energy Corp ASA (NEC) in June, 2010.

Harvest reported its first discovery off Gabon in June 2011.

To contact the reporter on this story: Jim Polson in New York at jpolson@bloomberg.net

To contact the editor responsible for this story: Susan Warren at susanwarren@bloomberg.net


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Companies Mentioned

  • HNR
    (Harvest Natural Resources Inc)
    • $4.34 USD
    • -0.05
    • -1.15%
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