Harvest Natural Resources (HNR) Drops on Abandon Oman; Pritchard Capital Downgrades
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Shares of Harvest Natural Resources, Inc. (NYSE: HNR) fell this morning after the company announced it will plug and abandon its Qarn Alam Block 64, Oman well. Harvest expects to incur expenses of $5.5 million in the current quarter.
The company said the reservoirs were encountered shallower than expected with reduced seal thickness, and failure is attributed to the lack of seal effectiveness. The quality of the Barik and the Amin reservoirs was better than expected.
Harvest has an 80 percent interest in Block 64 onshore Oman . Block 64 has an area of 3,874 square kilometers and was extracted from a pre-existing block (PDO's Block 6) to accelerate exploration for gas and gas condensate by the Omani Ministry of Oil and Gas.
Separately, Pritchard Capital downgraded HNR from Buy to Neutral, but maintained its $13 price target.
Shares of HNR are currently trading at $7.58, down $1.19 (-13.57%).
The company said the reservoirs were encountered shallower than expected with reduced seal thickness, and failure is attributed to the lack of seal effectiveness. The quality of the Barik and the Amin reservoirs was better than expected.
Harvest has an 80 percent interest in Block 64 onshore Oman . Block 64 has an area of 3,874 square kilometers and was extracted from a pre-existing block (PDO's Block 6) to accelerate exploration for gas and gas condensate by the Omani Ministry of Oil and Gas.
Separately, Pritchard Capital downgraded HNR from Buy to Neutral, but maintained its $13 price target.
Shares of HNR are currently trading at $7.58, down $1.19 (-13.57%).
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