The consortium that recently completed drilling an exploratory oil well in the Rupununi has applied for permission to begin drilling another but the delay in releasing results of the first well has seen Canacol Energy Inc’s stock drop towards the lowest closing price in seven months.
Canacol holds the largest interest in the first well, the Apoteri K-2. It continues to drill and test the well, Kevin Flick, head of investor relations for the company told Bloomberg yesterday. Flick had earlier told Stabroek News that they will be reporting the results to the market and noted that the well is quite material to them as a public company. Officials here are mum on results from the well.
However, a Region Nine official yesterday told this newspaper that while there have been no firm results from the first well, the consortium has applied for permission to drill a second well.
Canada-based Groundstar Resources Inc has a
