Thursday saw black eyes in the oil patch, with some stocks getting roughed up. A remarkable exception proved to be Calgary-based NXT Energy Solutions Inc. (TSX:SFD), which made it known that it has received a $0.9 Million U.S. advance payment from PE Energy Limited ("PE") following successful completion of data acquisition and delivery of preliminary interpretation results to the Nigerian National Petroleum Corporation ("NNPC").
The company says the entire payment consists of $1 Million U.S. and the balance is due within the next few days. PE is the Nigerian oil and gas service company that has the contract with NNPC, to provide 5,000 line kilometers of airborne SFD Surveys in Nigeria.
NXT has now completed the acquisition of 5,000 line kilometers of SFD data. The SFD surveys were conducted over NNPC’s exploration interests in the inland basins of Nigeria.
Said CEO George Liszicasz, "Africa is still a frontier region for hydrocarbon exploration. Many African national oil companies want to develop the vast potential that has been neglected for decades to supplement mature declining offshore fields."
SFD shares rumbled skyward 13 cents, or 32.5%, to 53 cents by noon EDT on Thursday, on volume of 114,000 shares.
