Max Petroleum gave investors an object lesson in how oil and gas stocks function today.
The firm announced that it has begun drilling another appraisal well at its Sagiz West field in Kazakhstan. Cue a share price jump of 4%, dropping to 2.2% by 10:19am.
Over the last 12 months Max has dropped 54% on AIM as it has struggled to find commercially viable deposits at its concessions.
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
At a failed dig in December, however, the firm said it had seen "extensive shows of oil and gas" near to the well announced today. This has given hope that a major discovery might be in the offing.
BS
-
FTSE 100 hits record highs – why is it rising and will we see more gains?Advice UK equities have been described as unloved for a long time but as the FTSE 100 hits new highs, we explain if now is the time to buy British.
-
How to invest in copperIt may be time to invest in copper as the red metal appears poised for a big jump. Dominic Frisby looks at what should investors should buy
