OIL . Harvest Natural Resources Inc., the Houston-based oil exploration company with operations in Venezuela and Russia, climbed the most in more than a year after announcing it found crude off the coast of Gabon.
Harvest rose $1.58, or 15 per cent, to $12.09 in New York Stock Exchange composite trading, the biggest increase since March 16, 2010. Harvest had the second-largest gain on the Russell 2000 Energy Index today, behind Delta Petroleum Corp.
Oil was discovered in the Dussafu Ruche Marin-1 well in a block in which Harvest is the operator and holds a 67 per cent interest, the company said in a statement Monday. Rig operator Transocean Ltd. began drilling in 85 meters of water on April 28.
The company had estimated the well held 90 million barrels, Eric Hagen, an analyst with Lazard Capital Markets in New York, said in a note to investors Monday. The find could add $10 to Harvest's share price, he said.
