Korea Gas Corp Shares Decline Following Disappointing Offshore Drilling Results
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Korea Gas Corp shares fell 15% after disappointing results from offshore drilling, affecting other oil and gas stocks in the country as well.
Korea Gas Corp. experienced a significant decline, tumbling as much as 15% after the government reported disappointing results from initial drilling in a highly anticipated offshore field. This news dashed hopes for an energy bonanza that had been building since the discovery was announced last June.
Shares of the state-run Kogas fell the most since December, effectively erasing gains that had accumulated since the announcement. The negative trend extended to other oil and gas stocks in the country, with Posco International Corp. experiencing a loss of as much as 6.3%, and SK Gas Ltd down approximately 2.6% on Friday.
