Shares in Sound Oil, an upstream oil and gas company with assets in Italy and Indonesia, leapt by more than a third on Tuesday after the company told investors drilling has begun on the Geulis-1 exploration well in Indonesia.
The firm said the hole will be drilled to a total measured depth of 3,937ft and will target limestone and sandstone reservoirs over a period of 42 days.
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 share price rose 39.09% to 0.77p by 13:21.
NR
-
Jim O’Neill on nearly 25 years of the BRICSJim O’Neill, who coined the acronym BRICS in 2001, tells MoneyWeek how the group is progressing
-
Build or innovate? How to solve the productivity puzzleOpinion There are two main schools of thought when it comes to solving the productivity puzzle, says David C. Stevenson
