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.
Conditions on the well, which is located six kilometres south of the Jatirarangon gas and oil discovery, are expected to be less challenging than at the Cataka-1 and Jatayu-1 wells as the structural style is less complex and more drilling information is available from surrounding wells.
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The share price rose 39.09% to 0.77p by 13:21.
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