UPDATE: Ivanhoe Energy Jumps 10% From Near Yr Lows on Green Light For Zitong Block Interest Transfer

By MidnightTrader.com Staff,

Shutterstock photo

Ivanhoe Energy ( IVAN ) shares is up more than 10%, taking it away from near the stock's 52-week low, after the company reported that its wholly owned subsidiary, Sunwing Zitong Energy, has received approval from the Ministry of Commerce of the People's Republic of China (the Ministry) to transfer its participating interest in the Contract for Exploration, Development and Production in the Zitong Block, Sichuan Basin, to Shell China Exploration and Production Co.

The Ministry's approval was received November 28, 2012, setting the stage

for the company to increase its pre-tax working capital by USD$105 million.

IVAN is trading at $0.46 in a 52-week range of $0.41 - $1.33.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
Referenced Stocks: IVAN

More from MT Newswires


MT Newswires

MT Newswires

Follow on:

Find a Credit Card

Select a credit card product by:
Select an offer:
Data Provided by BankRate.com