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KrisEnergy tumbles as Vietnam exploration disappoints; Singapore index inches up

Published on Jan 10, 2014 1:27 PM

SINGAPORE (Reuters) - Shares in upstream energy exploration firm KrisEnergy tumbled on Friday after the firm said exploration on a well in Vietnam yielded disappointing results, while the Singapore index edged higher.

KrisEnergy shares slid as much as 29 per cent to $0.84, the lowest since the company made its debut on the Singapore Exchange in July 2013. It was among the worst performers on the exchange.

The company said on Thursday that it had completed drilling and testing of the Cua Lo-1 well in Block 105, offshore Vietnam, and concluded that commercial development is unlikely, after another well in Vietnam yielded disappointing exploration results at the end of last year.

Bank of America Merrill Lynch analysts cut the target price on KrisEnergy by 13 per cent to $1.22.

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