March 12, 2018 / 11:25 AM / a year ago

BUZZ-Questerre jumps 9 pct after increase in oil reserve estimates

** Shares of Canadian oil and gas firm Questerre surge 9 pct to 6.97 Norwegian crowns after an upgrade of reserves in year-end report

** “Our reserve growth reflects the active drilling program at Kakwa this year and the light oil acquisition at Antler”, CEO Michael Binnion says in the statement

** Proven and probable gross reserves grew by 20 pct to 18.41 MMBoe in

** On its Utica gas resources in Quebec Binnion said: “The best estimate of risked contingent resources net to Questerre for the Becancour and Lotbiniere project areas is unchanged at 214 Bcf”

** Broker Sparebank 1 Markets says: “We have already included a reserve upside in our SOTP (sum of the part) valuation. Therefore, we do not make any changes to our forecasts after the announcement or 2017 reserves. We keep buy and NOK 11/share target price.”

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