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Firestone Energy Climbs Most on Record on Funding Confirmation

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Dec. 7 (Bloomberg) -- Firestone Energy Ltd., an Australian exploration company with operations in South Africa, climbed the most on record after saying funding for joint-venture partner Sekoko Resources Ltd. remained in place.

The stock gained 71 percent to 12 cents as of 9:31 a.m. in Johannesburg, the highest since at least April 2009, reversing a 42 percent decline yesterday.

Business Day newspaper said yesterday the Industrial Development of South Africa Ltd., a state-owned national development finance institution, has withdrawn its funding of Sekoko, Firestone’s partner in the Waterberg Coal Joint Venture.

“Sekoko has today confirmed to Firestone that the IDC has not withdrawn its funding arrangement with Sekoko and that Sekoko is not aware of any actual or threatened action by the IDC to withdraw its funding arrangement,” Firestone said in a regulatory filing.

To contact the reporter on this story: Stephen Gunnion in Johannesburg at sgunnion@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net