Linc Surges on ‘Significant’ Australian Oil Shale Discovery
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Linc Energy Ltd., an Australian company planning acquisitions of U.S. oil assets, rose the most in seven weeks in Sydney trading after saying it found a “significant” oil shale deposit in South Australia.
Linc climbed as much as 13 percent to A$1.90, the most since Aug. 10, while the benchmark S&P/ASX 200 Index gained 3.2 percent. The shares traded at A$1.895 at 3:49 p.m. Sydney time.