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Why the Oil Search share price climbed higher yesterday

The Oil Search Ltd (ASX: OSH) share price was one of many to climb higher yesterday, after the group provided an update on its Alaskan winter field season.

What pushed the Oil Search share price higher?

Oil Search advised that its rig exploration drilling programme and road construction is progressing well and ahead of schedule.

The works are designed to support the Pikka Unit Nanushuk Development (Pikka ND-B) Project in the North Slope Basin of Alaska, USA.

The Mitquq 1 exploration well commenced drilling on 25 December and is currently at a depth of 2,099 metres.

On completion of its Alpine C reservoir target, the well will be sidetracked to re-penetrate and core the Nanushuk reservoir.

Oil Search has constructed the Stirrup ice road and well pad, the rig is on site and the Stirrup exploration well is expected to spud shortly.

Works are progressing quickly with the potential for development drilling at the Pikka ND-B well pad in 2021.

Shares in the Aussie oil and gas group climbed 0.90% yesterday following the update. The Oil Search share price is up more than 20% in the last 5 months following yesterday’s gains and will be well worth watching as we come into February earnings season.

This has coincided with a bullish run for the S&P/ASX 200 Index (INDEXASX: XJO), which continues to reach new record highs.

Which other companies climbed higher on Wednesday?

The benchmark index was dragged higher by some of the biggest ASX 200 shares.

Oil Search was joined in the winners list by fellow ASX 50 companies Woolworths Ltd (ASX: WOW) and Coles Group Ltd (ASX: COL).

The Mirvac Group Ltd (ASX: MGR) share price hit a new 52-week high of $3.50 per share in a strong all-round performance across the index.

Shares in fellow ASX 200 oil and gas companies also climbed higher yesterday. The Woodside Petroleum Ltd (ASX: WPL) and Santos Ltd (ASX: STO) shares prices closed up 0.87% and 0.79%, respectively.

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Motley Fool contributor Kenneth Hall has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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