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PetroSun Inc (OTCMKTS:PSUD) Stock Soars After Completion of Drilling at Manuel Seep

Ash K , , , ,

On Tuesday there were plenty of stocks which had managed to make a big move and one of the notable movers was the PetroSun Inc (OTCMKTS:PSUD) stock, which ended up with gains of as much as 28% for the day.

Trading Data     

On Tuesday, PSUD stock rose 28.57% to $0.0900 with more than 248.53K shares, compared to volume of 25.15K shares. The stock moved within a range of $0.0720 – 0.0940 after opening trade at $0.0799.

PetroSun Announces Completion of Drilling at Manuel Seep

The company came into focus yesterday after it announced that its drilling operations at Manuel Seep 2-1 well had been concluded. The well had been drilled to the total depth of as much as 4010 feet. In addition to that, the company proceeded to install and cement the production casing as well. Gordon LeBlanc Jr, who is the Chairman of the company, spoke about the development as well.

He stated that everyone at the company was excited at the announcement and the company believed that the well could eventually lead to helium production. LeBlanc added that the company was working on steps by way of which it could start the testing processes related to the discovery of helium in commercial scale at the well.

That process is going to involve the process of logging the well and then the company would work on perforation and flow testing. It may be a good time to add the PetroSun stock to your watch lists.

Key Quote

PetroSun Chairman Gordon LeBlanc, Jr., stated, “We are excited to announce the completion of drilling operations at Manuel Seep, which we believe to be prospective for helium production. We are currently planning steps to test for the presence of helium in commercial quantities, including logging the well, before we determine a target zone for perforation and flow testing.”

Technical Data

PSUD stock is trading below the 20-Day and 50-Day Moving averages of $0.1280 and $0.1488 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.2382.