Today we feature Petromanas Energy Inc. (TSXV: PMI), an oil and natural gas explorer, as the top momentum gainer, since the stock rallied more than 11% touching its new 52-week high during the last two consecutive trading days with many more shares exchanging hands than in a normal session. During the last session, PMI was among the top gainers in the Canadian energy space after climbing 13.3% and closing at its 52-week high of C$0.34 while recording significant volume of 8.1 million shares.
The share price of PMI gained momentum after the company provided an update on drilling of the Molisht-1 well onshore in Albania, located on Blocks 2-3, in which the company holds 25% working interest and is also the operator with Shell holding for the remaining 75% interest. The company reports that the Molisht-1 well is currently drilling ahead at a depth of approximately 4,400 metres and it expects to drill the well to a total depth of approximately 5,500 metres. Mr. Glenn McNamara, CEO of PMI said that based on the technical work conducted on Blocks 2-3, the target zone have witnessed an encouraging 300 metres higher than originally anticipated.
Company Description:
Petromanas Energy Inc. (TSXV: PMI) explores for oil and natural gas in Albania. The company holds production sharing contracts with the Albanian government onshore in the Berati Thrust Belt.
1-Year Stock Chart:
Source: Bloomberg
