Australia's Strike Energy soars on removal of gas export ban

Strike Energy

19/09/2024 04:12

** Shares of natural gas explorer Strike Energy  STX.AX 
rise as much as 9.8% to A$0.225, their highest since mid-July
    ** STX second-biggest gainer on ASX 200 index  .AXJO  which
is up 0.3% and top gainer on ASX energy index  .AXEJ , which is
up 0.6%
    ** Co says the Western Australia state government has
removed the export ban for onshore gas production, allowing
export of up to 20% of total production volumes till 2030
    ** Says policy update is a "strong positive", and it stands
to benefit through its uncontracted reserves
    ** STX down 53% this year including Thursday's moves,
significantly underperforming an 18% loss in the ASX 200 Energy
index  .AXEJ 

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))