Star Energy (OTCBB: SERG) skyrocketed an amazing 122 percent this morning, soaring on the news of the company’s recent acquisition of three Ukrainian oil and gas projects.
According to the company’s most recent statement, Star Energy will work through its subsidiary Anglo-Ukr Energy to help promote and expand the company’s operations in the Ukraine. Of course, the oil’s a good excuse, too; the statement claims that there are more than 100 million barrels of oil and 150 billion cubic feet of gas spread over seven oil and gas fields.
This appears to be the company’s latest move to gain a bigger foothold in Europe. According to the company’s Web site, Star Energy is based in the U.S. but has 100 percent of its assets located in Europe, primarily in Ukraine and Russia. Leonid Blyakher, the company’s vice president, said that the current political and financial situation in the Ukraine and the rest of Europe make it ideal for new oil and energy investments.
“The Ukraine has been starved for capital – there’s just not enough western money going in there, and I think that’s because of political risk,” Blyakher said in an interview with MN1. “These acquisitions can be made at a very attractive price.”
“Opportunities there are brand-new and have lots of potential, whereas things in the U.S. are a lot more mature and similar opportunities just aren’t there,” Blyakher added.
Share prices rose to 49 cents a share on the news, exciting investor interest and bringing the stock to its highest price in the past 15 days.
Please share your thoughts: MN1 Message Board
