Advertisement

Leyshon Resources suspended ahead of drilling udpate

Following a massive share-price jump in Leyshon Resources' shares yesterday, the stock was suspended from trade on Friday ahead of some expected drilling results next week.

Following a massive share-price jump in Leyshon Resources' shares yesterday, the stock was suspended from trade on Friday ahead of some expected drilling results next week.

The stock soared from 14.13p to 24.13p on Thursday, up 71%, on anticipation of the first drilling results at its Zijinshan block in China.

Advertisement - Article continues below

The firm said in a press release: "The company has received preliminary information in connection with the drilling results which is subject to review.

"It is expected that an announcement will be released prior to the commencement of trading on Monday, 26 November 2012."

On November 1st, Leyshon Resources, had announced the start of drilling at the 708 km2 Zijinshan block located on the Eastern flank of the prolific Ordos Basin, China's second largest and one of the world's major gas producing basins. It had designed an initial three well programme to test for gas in similar formations over a 600-metre interval to a depth of approximately 2.4 kilometres.

The first of two wells were expected to be completed by the end of November with completion of the third expected in the New Year. The total cost for drilling, logging, casing, fracking and flow testing the three wells is estimated at around $5m.

BC

Advertisement
Advertisement

Recommended

Visit/investments/investment-strategy/601044/broker-safety-your-questions-answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
Visit/investments/investment-strategy/600861/how-demographics-affects-stock-valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Visit/investments/stocks-and-shares/600863/sirius-minerals-anglo-american-takeover
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Visit/investments/stockmarkets/600634/why-investors-should-be-cautiously-bullish-for-2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

Visit/economy/inflation/601584/the-end-of-the-bond-bull-market-and-the-return-of-inflation
Inflation

The end of the bond bull market and the return of inflation

Central bank stimulus, surging post-lockdown demand and the end of the 40-year bond bull market. It all points to inflation, says John Stepek. Here’s …
30 Jun 2020
Visit/investments/commodities/gold/601587/bullish-gold-price-cup-and-handle-chart-pattern
Gold

This chart pattern could be extraordinarily bullish for gold

The mother of all patterns is developing in the gold charts, says Dominic Frisby. And if everything plays out well, gold could hit a price that invest…
1 Jul 2020
Visit/investments/property/601606/house-prices-crash-uk-property-prices-falling-where-next
Property

House price crash: UK property prices are falling – so where next?

With UK property prices falling for the first time in eight years, are we about to see a house price crash? John Stepek looks at what’s behind the sli…
2 Jul 2020