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by Stockwatch Business Reporter

West Texas Intermediate crude for October delivery added $1.44 to $70.09 on the New York Merc, while Brent for November added $1.14 to $72.75 (all figures in this para U.S.). Western Canadian Select traded at a discount of $15.20 to WTI, down from a discount of $13.50. Natural gas for October added seven cents to $2.37. The TSX energy index added 2.46 points to close at 259.63.

A much-hyped Canadian wildcat has come up dry. Exxon and QatarEnergy's offshore Persephone well, which was targeting a far-flung but high-potential prospect 500 kilometres off the coast of Newfoundland, has been a bust (as first reported by the Upstream news website and later confirmed by CBC News). An Exxon spokesperson said the well found "no evidence of commercial hydrocarbons."

The result is a blow for Exxon, though not a wholly surprising one. Despite advances in exploration technology, success rates for wildcats remain relatively low. A report on "high-impact" wildcats published earlier this year by Rystad Energy -- which bases the classification on various factors, such as the size of the prospect and whether it will open up "frontier" or emerging exploration areas -- found that just eight out of 27 such wells in 2023 hit commercial volumes, a success rate of less than 30 per cent. Exxon itself had set expectations even lower. Shortly after the well was spudded in late May, Kerry Moreland, president of ExxonMobil Canada, cautioned the press that the success rates for higher-risk wildcats such as Persephone are closer to one in 10.

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