STOCKS NEWS EUROPE-Questerre surges on shale gas find
Tue Feb 23, 2010 12:20pm GMT
Oslo-listed shares in energy producer Questerre Energy Corp (QEC.OL) surge 35 percent to a 20-month high after the Canadian firm announces test results from a well on its Utica shales in the St. Lawrence lowlands of Quebec.
Questerre says during the test a well flowed natural gas at an average rate of over 6 million cubic feet per day, compared to Argo Securities analyst Teodor Nilsen's forecast of 2 mmcf/d.
"The starting level is extremely important for how much the well will produce in total," Nilsen says, adding the prospect is likely to be produced if several wells test above 2 mmcf/d. For more double click on [ID:nWNAB0316]
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