- Pengrowth Energy (PGH +8.3%) shares are strong after the company reports production at its Lindberg thermal project in Alberta has exceeded its expected capacity of 12.5K bbl/day.
- PGH says the project is producing more than 13K bbl/day; installation of the remaining downhole electric submersible pumps was completed at the end of May, and all producing wells now have ESPs in place.
- PGH says production ramp-up remains on track and should reach around 16K bbl/day by the end of the year, with daily production ultimately reaching as high as 40K-50K bbl/day.