Australia's Sacgasco tumbles on reduced payment for Philippine units

Australian Oil

13/12/2023 02:31

** Shares of Sacgasco  SGC.AX  fall as much as 16.7% to
A$0.010, their biggest intraday percentage loss since Nov. 24
    ** Stock hits its lowest level since Dec. 6
    ** Oil and gas explorer says it has reached an agreement to
amend the sale terms for its Philippines units to Canada's Blue
Sky Resources 
    ** Blue Sky will pay SGC $1.3 mln in cash, down from
previously agreed-upon $2.5 mln
    ** Stock largely flat YTD as of last close



 (Reporting by Aaditya Govind Rao in Bengaluru)
 ((Aaditya.govindrao@thomsonreuters.com;))