Cuba approves oil exploration request
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| Published on Saturday, June 23, 2007 |
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By Peter Morley
LONDON, England (Bloomberg): Gold Oil Plc shares had their biggest gain in 10 months after the UK company said Cuba's National Office of Mineral Resources gave it permission to explore for oil and gas.
The shares rose as much as 21 percent, and were trading at 7.20 pence as of 8:40 a.m. in London, valuing the company at 33.4 million pounds ($66.6 million).
Gold Oil has been given permission to run exploration wells "both onshore and in the territorial waters offshore Cuba up to a water depth of 100 meters," the company said in a Regulatory News Service statement on Friday.
Surrey, south England-based Gold Oil has started talks with Cubapetroleo, Cuba's state oil company, on "a number of targeted" areas, the statement said. | | | | Reads : 227 | | | |
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