HK Stock Market Move | SPT ENERGY (01251) rose more than 18% and completed oil and gas testing work in the Jambangan block in Indonesia.

SPT ENERGY (01251) rose by more than 18%, at the time of submission, rising by 18.37% to 0.29 Hong Kong dollars, with a turnover of 2.1609 million Hong Kong dollars. On the news front, on the evening of February 3, SPT ENERGY announced that its subsidiary CNG and POI are conducting oil and gas exploration, development, and production activities in a certain area of the Jabung Block in Indonesia. Currently, CNG has successfully completed the testing of the Akeh-X well in this block. Test data shows that the well has a highly productive gas reservoir, with a depth of 5230 feet, good reservoir physical properties, high porosity and permeability levels, active oil and gas shows, and stable production capacity, demonstrating the potential for the formation of a large-scale oil and gas reservoir in this block. The announcement stated that the successful exploration test marks a further deepening of the group's geological understanding of the block, higher controlling ability, exploration of reserve potential, and increase in recoverable reserves. The board of directors believes that this test will lay a solid foundation for future exploration and development, and has positive significance for the group's expansion of its oil and gas business in Indonesia.