Australia's Global Oil & Gas climbs on stake buy in Sasanof Prospect

Condor Energy

07/09/2021 04:02

** Shares of oil and gas explorer Global Oil & Gas  GLV.AX 
surge as much as 36.8% to A$0.026, on track for their biggest
intraday percentage gain since Feb. 18
    ** Co says it has signed a binding agreement with Western
Gas to acquire 25% interest in the latter's Sasanof prospect
near Scarborough by funding 50% of the drilling costs of a well
there  urn:newsml:reuters.com:*:nASX3wykCQ
    ** Says the drilling costs are estimated at $20 mln and
drilling is scheduled for the first quarter of 2022. 
    ** Stock hits highest since April 12 and is on track for a
third consecutive session of gains 
    ** About 32.5 mln shares change hands compared with a 30-day
average of 1.7 mln shares 
    ** Stock up almost double this year, as of last close 

 (Reporting by Tejaswi Marthi in Bengaluru)
 ((tejaswi.marthi@thomsonreuters.com))