GSS Energy (“GSS”) announced that it has struck oil and (surprise) gas in its first well on 13 Dec 2017. Share price jumped to an intraday high of S$0.178 on 14 Dec 2017, after the trading halt was lifted. It has since weakened to an intra-day low of S$0.156 on 21 Dec 2017 before closing at $0.161.
Is the party in GSS over? Or is this just the beginning? I have managed to meet Mr Sydney Yeung, GSS’ CEO for a 1-1 chat two days ago on the company’s business and outlook.
Here are the key takeaways
Q1. Previously, there are plans to drill SGT 02. Now it has changed to P1, TRB 03 and TRB 06. Why so?
There are two main reasons why GSS altered its strategy.
a) This is because the promising data from SGT 01 leads GSS and Pertamina to re-evaluate an …