An in-depth analysis by Keith Schaefer has seemingly introduced Petromanas (TSX:V.PMI
, Stock Forum
) to a lot of new investors as the stock has blasted off Monday just hours after the oil and gas pundit called the company a ‘potential multi-bagger’.
In a piece reposted to Stockhouse
, Schaefer said of the Albania-focused, Calgary-based oil explorer, whose board of directors includes US four-star General and former NATO Supreme Allied Commander Wesley Clark, “They’re chasing a potential 500-800 million barrel target in Europe—Albania to be exact. Lots of energy investors are familiar with Bankers Petroleum and their heavy oil play there—it’s the largest onshore oilfield in all of Europe.”
Though few people knew about Petromanas yesterday, Schaefer says “I expect that to change in a hurry in Q3 2014 if their next well hits. They already have one success under their belt. But even better, they’re getting carried for $100 million on exploration and seismic costs on two high-impact Albanian blocks by oil industry super major Royal Dutch Shell (NYSE:RDS.B
, Stock Forum
). Plus, Shell paid them cash for their sunk costs.”
Stock in the company shot up on the back of the report, jumping $0.06 to $0.20, a 46% jump and an extreme 52-week high.
Trading volume was extremely high, at 4.6 million shares traded by noon. The last news released by the company was on January 9, when they announced discovery on two Albanian blocks