Couple of oil company production updates gave investors pause for thought late this week. PA Resources (STO: PAR) backtracked 6.3% after its production report for second quarter was published. PA Resources produced an average of 8,500 barrels per day for second quarter from its operations in North Africa and West Africa. Production from the final production well of the company at the Azurite Field offshore Republic of Congo is below expected levels. The company says that evaluation of the field's production capacity is ongoing.
Alliance Oil (STO: AOIL SDB) gained close to 10% from midweek on after Thursday's announcement of its second quarter oil production contained raised downstream volume target. This news was followed by analysts' upped recommendations on Friday. Both upstream and downstream units of the vertically integrated player involved in plays in Russia and Kazakhstan are performing well.
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