Shares of Ivanhoe Energy Inc. (IVAN) are off sharply in early trading after the company announced a significant natural gas discovery at Yixin-2 well on Zitong Block in China. The Canadian oil and natural gas producer said it is “very pleased” with the well’s initial gas flow rates that’s being developed by its Sunwing Energy Ltd. unit.
Technically speaking, IVAN’s volume has swelled to more than three times the stock’s daily average. Over 4 million IVAN shares have already traded hands compared to a daily average of around 1.08 million. IVAN has surrendered 5.22% year-to-date, and has been range-bound between $2.20 and $2.60 for the past several weeks.
At last check [10:32 a.m. EST], IVAN shares were up over 15% to $2.93 in trading on the Nasdaq. In the past year, Ivanhoe Energy has hit a 52-week low of $1.46 and 52-week high of $3.89.
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