Indus Gas rises on gas discovery

18th Aug 2009 08:44

India-focused oil and gas company Indus Gas has discovered gas on a test drilling of a new well.The Eastern Promise-1 well intersected a gas bearing interval at a depth of around 3,175 to 3,183 metres in the Early Cretaceous Pariwar formation. During initial testing of the zone, gas flared continuously for 4 hours. Further drilling and testing in this well will be performed in due course. The share price surged higher on the results hitting a new 52 week high. The company, which started trading on the AIM market on 6 June 2008, has seen its shares rocket this year since April. The share price has risen from just below 120p at the beginning of April to a level only marginally south of 300p in mid-August.