December 19, 2018 / 4:35 PM / a year ago

BUZZ-Parex Resources: Rises on termination of strategic review process

** The oil and gas producer’s shares rise 5.4 pct to C$ 14.10 after co concludes strategic review

** Co says during strategic repositioning process it got multiple proposals for purchase of Southern Casanare assets, but none reflected the value of the assets

** PXT adds it intends to “actively and aggressively” purchase up to 10 pct of its public float under a normal course issuer bid

** Co also announced 2019 forecast - says midpoint of the 2019 production guidance reflects year-over-year growth of ~20 pct

** Expects Q4 2018 production to average ~ 49,000 boe/d and 2018 full year production to average 44,250 boe/d

** Separately, brokerage Eight Capital cuts PT to C$24.50 from C$30, but says co has capable explorers and world-class free-cash flowing assets that can fund years of exploration

** “We are happy to see the company get back to focusing on what it does best” - Eight Capital

** Including Wednesday’s gains, stock down ~18 pct YTD (Reporting by Arundhati Sarkar in Bengaluru)

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