The move was due to Goldman Sachs. They upgraded a bunch of names in the oil services sector, one of em being KEG's main competitor, BAS. KEG rallied along with the upgraded group. Mostly short covering.
It'll drop today probably before earnings. Stay LONG due to long term fundamentals going forward, and also the involvemnt of MHR fund management.
MELBOURNE, AUSTRALIA, Sep 19, 2013 (Marketwired via COMTEX) -- Solimar Energy Limited ("Solimar" or "the Company") (asx:SGY)(tsx venture:SXS) is pleased to announce that it has signed a drilling contract with Key Energy Services LLC to drill the second well (K 8-33) of the Phase I work program in the Kreyenhagen Heavy Oil Project. The rig is expected to be moved to site today, and K 8-33 is expected to spud shortly thereafter. The well will be drilled on trend to the South-East of the Discovered Resource area. The well will be directionally drilled up to a 48 degree angle and is expected to convert additional resources from the Prospective to the Discovered category.
The first well (K 2-33) of the Phase 1 program was drilled to a total depth of 1,472 feet measured depth on July 20, 2013 and was subsequently logged and cased. The well was directionally drilled up to a 48 degree angle and encountered approximately 600 feet (measured depth) gross interval of the Temblor Sandstone.