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.
Coastal is the largest stakeholder in the joint venture.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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.
NR
-
Inheritance tax reforms: government urged to rethink curbs on rural reliefsMPs want the government to delay changes to inheritance rax reliefs for farmers
-
‘I’m among the thousands of millionaires leaving the UK – the new tax rules don’t make sense ’MoneyWeek spoke to a serial entrepreneur who is leaving the UK following the abolition of the non-dom tax status
