0312 GMT [Dow Jones] MEO Australia (MEO.AU) surges to 40.5 cents before easing, last up 34% at 37.5 cents on heavy trading of 18.0 million shares. Rally follows news MEO completed Blackwood-1 well, Timor Sea, to total depth with initial log interpretation indicating combined 98 meters of gross gas saturated interval over two sandstone formations, compared with pre-drilling best-guess of around 57 meters. MEO acquiring further data from well, expects testing to start later today. Rally something of a modest balm for longer-term investors in MEO who saw value of their stake slashed by more than 90% at worst last month when nearby Heron-2 well disappointed.
MEO Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
