Australia's Verbrec hits 1-1/2-month peak on winning $14.5 million contract

Verbrec

Today 04:24

** Shares of Australia's Verbrec VBC.AX rise 11.4% to A$0.195, hitting their highest level since May 15
** Stock eyes its strongest trading session since June 22 if gains sustain
** Engineering and project delivery solutions firm secures A$21 million ($14.47 million) contract to unlock commercial gas in Beetaloo Basin in the Northern Territory
** Says contract awarded by the Northern Territory Government-owned Power and Water Corporation to be delivered across two stages till 2028
** Adds project to materially strengthen the security of gas supply in the state
** About 693,000 shares trade hands, 5.1 times the 30-day average
** Stock down 9.3% YTD, including session's moves
     
($1 = 1.4514 Australian dollars)

(Reporting by Subhalakshmi Dey in Bengaluru)
((Subhalakshmi.Dey@thomsonreuters.com;))