Hague Oil surges after acquiring stake in Duyung project
Shares in Hague and London Oil surged more than 125% on Wednesday, after the oil explorer said it signed a conditional deal to acquire a stake in the Duyung production sharing contract in Indonesia.
FTSE AIM All-Share
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15:45 15/11/24
Hague and London Oil
12.13p
15:34 08/09/17
Oil & Gas Producers
8,043.72
15:45 15/11/24
Under the terms of the agreement, Hague will take an 85% stake in the project from Singapore-based West Natuna Exploration, which will retain the remaining 15%, and will invest $500,000 in working capital in the project.
The London-listed company said the contract, which will expand the group’s operations in southeast Asia, includes the undeveloped Mako natural gas discovery and nearby infrastructure.
"Duyung is a relatively low risk, low cost but high reward opportunity demonstrating robust indicative economics even within the current environment,” said group chairman and interim chief executive Andrew Cochran.
“It's a great addition to our portfolio and materially expands our presence within the new core area of Southeast Asia.”
Hague and London shares were up 144.91% to 16.23p at 1108 BST on Wednesday.