One of the companies that could be on the radars of many investors this morning is PetroSun Inc (OTCMKTS:PSUD) after it made a major new announcement this past Friday. The company announced on the day that it was going to start its drilling activities at the Manuel Seep field from the week that starts today.
Trading Data
On Friday, PSUD stock ended flat at $0.1500with more than 1.50K shares traded, compared to volume of 13.66K shares. The stock moved within a range of $0.1500 – 0.1500 after opening trading at $0.1500.
PetroSun Provides Operational Update and Announces New Convertible Financing
Hence, it remains to be seen if the stock come into focus among investors or not. It was also noted that for the same purpose PetroSun had also tied up a contract with the firm Aztec Well Servicing Co and the drilling operations are going to be recommenced at the Manuel Seep 2-1 Well. The objective of the drilling operation is to reach total depth.
The company is going to be prospecting for helium at the particular well. The drilling operations at the aforementioned site had actually been suspended at the time of the COVID 19 related lockdowns of the past. The latest drilling operations are going to help in deepening the well bore and eventually hit its target depth. Eventually, tests are going to be conducted in order to figure out the extent of the helium discovery at the site.
Key Quote
Dr. R. Gerald Bailey, the Chief Executive Officer of PetroSun, stated, “We are excited to announce the resumption of drilling operations at Manuel Seep. Based on the Company’s previous geological work, we consider the dome formation underlying the MS 2-1 to be highly prospective for helium. We also look forward to working with Aztec Well Servicing Co. on the project, since we have known the Aztec team for a number of years and we are very familiar with their reputation and track record.”
Technical Data
PSUD stock is trading below the 20-Day and 50-Day Moving averages of $0.16 and $0.19 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.27.
