Coastal Energy, an independent exploration and production company, has reported successful results from the Dong Mun 3 onshore gas well and the acquisition of increased working interest there.
The well encountered a vertical gas column of around 113 metres, flow tested for 24 hours, and produced at an average rate of 15m cubic feet per day.
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The firm, which already owns 36.1% of APICO, one of the JV partners, has entered into an agreement to acquire an additional 2.9% stake in APICO for $9.25m in cash, bringing Coastal's interest in APICO to 39%.
APICO also holds a 35% interest in the nearby Sinphuhorm Gas Field, meaning the acquisition would increase Coastal's net interest in the field to 13.65%.
The share price rose 7.16% to 1,311.00p by 14:19.
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