STOCKS NEWS ASEAN-Singapore's Interra up on Myanmar oil field

Wed Mar 14, 2012 10:19pm EDT ... 
 

Shares of Interra Resources Ltd surged as much as 8.1 percent after the Singapore petroleum exploration and production firm said its jointly controlled Goldpetrol Joint Operating Company Inc had started drilling a well in Myanmar.

Interra shares rose 6.5 percent to S$0.33 and were among the top five traded stocks by volume in Singapore. More than 13 million shares were traded compared with average full-day volume of 15 million.

"People might be hoping that they will find oil. The stock has also drawn interest recently because of its Myanmar exposure," said a local trader.

Interra said on Wednesday YNG 3243 is the first development well to be drilled this year in the Yenangyaung oil field in Myanmar. Interra owns 60 percent of Goldpetrol, the operator of the field.

For a statement, click: link.reuters.com/hud27s
1005 (0205 GMT)
(Reporting by Eveline Danubrata in Singapore)
Reuters messaging rm://eveline.danubrata.thomsonreuters.com@reuters.net
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08:46 STOCKS NEWS ASEAN-Singapore index futures trade flat
Singapore MSCI March futures edged 0.03 percent lower on Thursday, indicating a lacklustre start for the Straits Times Index.
Asian shares eased on Thursday on renewed concerns about Chinese growth, but a brighter global economic outlook underpinned the dollar and kept investor risk appetite intact, reducing the appeal of safe-haven government debts.
0840 (0040 GMT)
(Reporting by Eveline Danubrata in Singapore)
Reuters messaging rm://eveline.danubrata.thomsonreuters.com@reuters.net

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