Australia's Rey Resources jumps on deal to buy 75% stake in Southernpec

Rey Resources

21/12/2020 04:59

** Shares of Rey Resources  REY.AX  jump as much as 15.4% to
A$0.3 in their biggest intraday percentage gain since Sept. 17
    ** Petroleum explorer says it signed a term sheet to buy a
75% stake in NSW-based Southernpec (Australia), which holds
significant interests in seven conventional gas production
licences in Surat Gas Project in Queensland
    ** Stock hits its highest since Nov. 27
    ** Nearly 32,000 shares change hands, compared with the
30-day average volume of ~15,777
    ** Stock had fallen 10.3% this year, as of last close

 (Reporting by Vasudha Kaukuntla in Bengaluru)
 ((Vasudha.Kaukuntla@thomsonreuters.com))