Kris Energy shares dive as Vietnam well prospects disappoint

Singapore

SHARES in South-east Asian upstream oil and gas group Kris Energy plunged 27 per cent to close at a record low of $0.86 yesterday after the company announced on Thursday that it had plugged and abandoned an exploration well at another of its promising Vietnam prospects, as analysts cut price targets on the back of the bad news.

The stock fell sharply in heavy trading as 28.2 million shares changed hands with a total value of $25.3 million traded yesterday.