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Saratoga Resources +14% after Breton Sound drilling update

  • Saratoga Resources (SARA +14.1%) shares surge after the company provides an update on development drilling activity at the Breton Sound Block 32 field.
  • The Rocky well, the first horizontal well at Breton Sound, was tested yesterday at a gross rate of ~600 boe/day and 120M cf/day, and the rate continues to improve as the well stabilizes.
  • Final costs on the Rocky well are expected to come in below the pre-drill AFE, SARA says.
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