Independent oil, gas and noble gas development and exploration firm American Noble Gas Inc (OTCMKTS:IFNY) was on the radars of investors yesterday and its stock ended up with gains of as much as 6% for the day as a consequence.
On Thursday, IFNY stock moved up 5.63% to $0.4130 with more than 115k shares traded, compared to its average volume of 11K shares. The stock moved within a range of $0.4000 – 0.4500 after opening trading at $0.45.
American Noble Gas Commences Drilling Operations on Initial Exploratory Well to Explore and Develop Natural Gas, Helium and Brine Minerals in the Hugoton Field
The company announced yesterday that a drilling rig had been moved to the designated location yesterday and was on the verge of starting the initial portion of the work. It was a major development for the company since moving the drilling rig marked the start of the drilling exploration operations in relation to American Noble Gas’ work as part of a farm out agreement that had been announced previously.
As per the provisions of the agreement, the company is going to explore and develop brine, helium and natural gas at the site. The site in question is the Hugoton Field located in Haskell and Finney Counties in Kansas. The announcement from the company yesterday may have led to a strong rally in the American Noble Gas stock but it now remains to be seen if the stock can actually manage to hold on to its momentum and charge forward in the same direction in the coming days.
Stanton E. Ross, Chairman and Chief Executive Officer of AMGAS remarked that “the Hugoton Farm-out Venture of which we are a 40% participant, will be applying unconventional methodologies and technologies to discover and reinvigorate previously unexplored target zones contained within the Hugoton Gas Field. The Hugoton Gas Field has previously been considered a depleted conventional gas field. The Hugoton Farm-Out Venture sees the logic of its unconventional theories and the potential impact it may have, in particular the helium reserves that the field may still contain”, commented Stan Ross, Chairman and CEO.
IFNY stock is trading above the 20-Day and 50-Day Moving averages of $0.40 and $0.37 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.35.