Ivanhoe Energy Inc. (IE.TO,IVAN) is up 12 cents at $1.75 a share, after earlier climbing as much as 12% this morning, after saying the first exploration well on its Nyalga Block XVI in Mongolia was spudded Saturday.
The well is located on a structure approximately 32 square kilometers in size and will be drilled to a total depth of approximately 2500 meters. Drilling is expected to take about 30 days. Ivanhoe said it plans to drill two wells on two separate structures, with the option to drill up to three additional wells as part of the exploratory program.
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