Shares of Hanwei Energy Services Corp (TSX: HE), engaged in manufacturing of fiber glass reinforced plastic (FRP) pipe products and associated engineering services to oil, gas and infrastructure industries, recorded over a 18.0% gain during each of the past two consecutive trading sessions with significant number of shares exchanging hands. HE was the top performer in the Canadian energy sector after climbing 25.0% and closed at C$0.20 Thursday, while recording significant trading volumes of 128,800 shares. Recently, the company announced work over results from its operating oil and gas wells in its Leduc Lands. The Company has conducted an eight stage, 20 tonne / stage hydraulic frac, over the 550 meter lateral of its existing 13-33-49-26W4 Nisku horizontal well, during the month of September this well produced 2,334 barrels of oil from total produced liquids of 6,328 barrels and the company considers the initial improved oil production from this 13-33 well a success. During the past 5-trading sessions, HE gained 33.3% with daily average trading volumes of 79,878 shares, while the stock fell by 16.7% during the past one month with daily average trading volumes of 55,003 shares. The stock is up 207.7% year-to-date.
Company Description:
Hanwei Energy Services Corporation (TSX: HE) manufactures fiberglass reinforced plastic (FRP) pipe primarily for the oil and gas industry in China.
1-Year Stock Chart:
Source: Bloomberg
