Ivanhoe Rises After ‘Significant’ Gas Find in China

Bloomberg.com reports that stocks in Ivanhoe Energy(NASDAQ:IVAN,TSX:IE) rose 11% after news of a major gas find in China.

The story is quoted as saying:

The Yixin-2 test well flowed gas at rates up to 13 million cubic feet a day and averaged as much as 10 million cubic feet a day during the first 24 hours, the company said in a statement today. Ivanhoe’s Sunwing Energy subsidiary, under a contract with PetroChina Co., has a 90 percent stake in the 659,840-acre Zitong Block where it drilled the well

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