Australia's Metgasco soars on completing prep of Cervantes oil well drilling

Metgasco

18/03/2022 03:50

** Shares of energy co Metgasco Ltd  MEL.AX  climb as much
as 31% to A$0.038, their highest since Jan. 23, 2020
    ** Co completes civil works and drill pad preparation for
Cervantes-1 oil exploration well in Perth Basin  urn:newsml:reuters.com:*:nASX1wTZbN
    ** Says a drilling rig has been mobilised and drilling is
expected to begin around March 25
    ** MEL owns 30% in the Cervantes Joint Venture, thus
targeting production of about 4.6 million barrels of oil from
the well
    ** Shares mark their biggest intraday gain since Nov. 25,
2020
    ** Trading volumes are 12.4 times the 30-day average of
about 2.2 mln shares
    ** As of last close, stock up 3.6% this year

 (Reporting by Himanshi Akhand in Bengaluru)
 ((Himanshi.Akhand@thomsonreuters.com;))