Prio, the Brazilian oil company, experienced a significant increase in shares by 3.1% following a positive analyst report. The report highlighted the company's consistent oil and gas output throughout August.
At present, Prio shares reached 48.05 reais, equivalent to $9.66, marking a 25% increase from the previous year's end until Monday's closing. In contrast, Brazil's benchmark Ibovespa stocks index showed a slight decline of 0.2% during late morning trading.
Prio announced on Monday evening that it successfully produced 98,011 barrels of oil equivalent per day last month. Although this number is slightly lower than the 99,091 barrels per day produced in July, Prio exhibited resilience by maintaining a relatively stable oil and gas production in August, even with some interruptions caused by the commissioning of a gas lift.
According to analysts at Itau BBA, Prio's Albacore Leste field is expected to play a significant role in bridging the gap between the company's current production and its reserves certificate estimates.
Clearly, Prio's steady output and its commitment to overcoming challenges make it a promising player in the oil and gas industry.
