Gunsynd PLC - London-based company investing in companies and projects within the natural resources, life sciences and beverage sectors - Notes that investee company Omega Oil & Gas Ltd, an ASX-listed energy and resources company, has spudded that Canyon-2 well in Australia. The well reaches a total depth of 3,807 metres. Results to-date are "positive" and have exceeded expectations. The well will now be suspended for completion before hydraulic stimulation and flow testing during the next phase.
Gunsynd subscribed for 450,000 shares at AUD0.20 per share, for a total of AUD90,000 - around GBP50,000 - as part of Omega's IPO fundraising.
Current stock price: 0.33 pence
12-month change: down 59%
By Heather Rydings, Alliance News senior economics reporter
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Gunsynd (GUN)