Total Plugs Gas Leak, Sees Rise in Shares

- May 16th, 2012

Reuters reported that shares in Total SA (NYSE:TOT) rose more than two percent on the news that the company had plugged a well at its North Sea Elgin platform that had been leaking for seven weeks.

Reuters reported that shares in Total SA (NYSE:TOT) rose more than two percent on the news that the company had plugged a well at its North Sea Elgin platform that had been leaking for seven weeks.

As quoted in the market news:

The leak 240 km off the coast of Scotland has been costing Total around $3 million a day in relief operations and lost net income.

‘Obviously good news for the group. Final costs are now awaited, but no bad surprises expected,’ analysts at Alphavalue said in a note. Shares in Total had lost 16 percent since the gas leak began in late March.

Click here to read the full Reuters report.

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