Published on Saturday, June 23, 2007
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.
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