11:41 AM EDT, 04/04/2024 (MT Newswires) -- National Bank of Canada on Wednesday noted Lycos Energy's (LCX.V) operations update, which the bank said is highlighted "by continued success in validating its technical thesis and quality of inventory through the innovation of its tailored well designs."

National Bank said Lycos' program is well underway with six multilateral/fishbone wells drilled in the first quarter.

Preliminary production results also exceeded type-curve expectations, bolstering the depth of the company's inventory and value proposition, according to the bank.

Lycos also outlined production estimate of 3,800 barrels of oil equivalent per day in the first quarter, with output to significantly ramp up through the year.

The bank gave Lycos an outperform rating with a $9.00 price target.

Price: 3.29, Change: -0.03, Percent Change: -0.90