Australia's Red Sky Energy surges on petroleum reserve estimate hike

Red Sky Energy

05/05/2022 03:35

** Shares of Red Sky Energy Ltd  ROG.AX  soar as much as 70%
to A$0.009 - stock to mark best day since April 2021, if gains
hold
    ** Shares hit their highest since April 8
    ** Oil and gas explorer says an independent report for its
flagship Killanoola Oil Project in South Australia calculates
best estimate on discovered Petroleum Initially In Place (PIIP)
at 93 mmbbls  urn:newsml:reuters.com:*:nASX6rmzGC
    ** New estimate represents 1,228.6% spike from earlier
estimated PIIP of 7 mmbbls in April 2021
    ** More than 140.7 mln shares change hands, compared with
the 30-day average volume of ~15.7 mln shares
    ** Stock down 37.5% this year, as of last close

 (Reporting by Anan Ashraf)
 ((Anan.Ashraf@thomsonreuters.com;))