Here are the most active stocks on Thursday mid-morning on the TSX and TSX Venture Exchange.
On Thursday, the top TSX mover was
Connacher Oil and Gas Ltd. (
TSX: T.CLL). It climbed 32% and was trading at $0.165 on volume of 12 million shares.
On July 16, Connacher said production for second quarter of 2013 averaged 11,500 barrels per day based on field estimates. Production was 7.0% lower than the first quarter of 2013 when 12,406 barrels per day were produced due to planned interruptions associated with steam generator upgrades completed in May. Following completion of the upgrades, field estimates for June production averaged 12,500 barrels per day. Furthermore, during the quarter the company completed a four infill well drilling program. Currently, all four wells are expected to be placed on production by the end of the fourth quarter of 2013.
TORC Oil & Gas Ltd. (
TSX: T.TOG) was the second most active stock on the TSX.. The stock gained 2.7% and was trading at $1.55 on volume of 9.5 million.
On July 16, the exploration, development and production company announced a $510 million acquisition of low decline, high netback, light oil producing assets in southeast Saskatchewan and a strategic transition of the company's business model to an intermediate light oil producer paying sustainable dividends while also delivering disciplined per share production growth.
Africa Hydrocarbons Inc. (
TSX: V.NFK) was the volume leader on the TSX Venture Exchange. It soared 67% and was trading at $0.05 on volume of 2.8 million.
Today, the international oil and natural gas company provided an operational update regarding its BHN-1 exploration well in Tunisia. As previously announced, the company has reached a total depth of 2,745 metres, after penetrating 247 metres of the Abiod chalky limestone formation within the planned target area. Due to open-hole wellbore instability the company has deemed it prudent to run the seven inch liner to the bottom, after which it will then conduct cased-hole wire-line logging operations. Setting and cementing of the liner is currently underway. The well is being drilled to evaluate a Cretaceous Abiod oil target on the Bouhajla North prospect.
The second most active stock on the TSX Venture was
Zodiac Exploration Inc. (
TSX: V.ZEX). It fell 9.1% and was trading at $0.05 after 1.9 million shares changed hands.
The exploration and production junior had no related news to explain the high volume in trading.