The Rising Influence of Rising Affluence

[DewDiligence]

HES was +3% yesterday on this PR about Ghana find:

http://finance.yahoo.com/news/hess-announces-pecan-1-discovery-130000950.html

Hess Corporation (HES) announced today that it filed a notice of discovery with the Ghana National Petroleum Corporation for the Pecan-1 exploration well located in the Deepwater Tano / Cape Three Points license offshore Ghana, which has encountered 245 net feet of oil pay in two separate Turonian intervals. Hess currently has a 90 percent interest in the block. The Ghana National Petroleum Corporation (GNPC) holds the remaining 10 percent.

…Pecan-1 is Hess’ fifth discovery on the block and follows the previously announced discoveries at Almond (53 net feet oil pay), Beech (146 net feet oil pay), Hickory North (98 net feet gas condensate pay) and Paradise (120 net feet oil pay and 295 net feet gas condensate pay).

In other words, this find is consistent with HES’ new, no-wildcatting business model—i.e. drilling only in known oil basins.