Australia's Metgasco jumps as oil well starts production

Metgasco

28/03/2023 05:35

** Shares of Metgasco Ltd  MEL.AX  jump as much as 5.3% to
A$0.02, their highest since March 17
    ** Oil and gas producer says Vali-3 commenced production on
March 27 and has maintained stable production
    ** Says supply from Vali-3 is later than anticipated, as
water accumulated in the wellbore during the 237-day period from
well completion required clean-up operations
    ** More than 2.3 mln shares change hands, twice the 30-day
average volume
    ** Stock down 5% this year, as of last close

 (Reporting by Poonam Behura in Bengaluru)
 ((Poonam.Behura@thomsonreuters.com;))