Ivanhoe Energy shares up on Mongolia drilling success
Canadian heavy oil producer Ivanhoe Energy Inc said it intends to drill two wells at its Nyalga Block XVI in Mongolia, with the option to drill up to three additional wells in an initial exploratory program, sending its shares up as much as 12 per cent on Tuesday morning.
The company, which also has operations in Canada, the United States, Ecuador and China, said it spudded its first exploration well on the block on Aug. 13.
The Calgary-based company’s shares were trading up about 7 per cent at C$1.75 on Tuesday morning making it one of the top percentage gainers on the Toronto Stock Exchange.
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The company, which also has operations in Canada, the United States, Ecuador and China, said it spudded its first exploration well on the block on Aug. 13.
The Calgary-based company’s shares were trading up about 7 per cent at C$1.75 on Tuesday morning making it one of the top percentage gainers on the Toronto Stock Exchange.
© Copyright (c) Reuters
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