In today’s briefing:
- Korea Gas Corp: Drill Baby Drill
Korea Gas Corp: Drill Baby Drill
- On 3 June, the shares of Korea Gas jumped limit up 30% to 38,700 won on huge volume (13.4 million), which was 37x higher than the previous day volume traded.
- This was driven by the announcement of the South Korean President Yoon giving the approval to conduct exploratory drilling for potentially vast oil and gas prospects near Pohang.
- The Korean government announced that there is a “very high” possibility the area contains as much as 14 billion barrels of oil and gas.
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