News of Linc Energy’s estimated shale gas resources in South Australia appears to be benefitting a Perth-based clean energy company.
The value of shares in Eden Energy reached a high of 3.5 cents during Friday trading (up from 1.5 cents at market open) before settling 113 per cent higher at 3.2 cents.
The company is largely focused on commercialising its Optiblend technology, which is a mechanism placed into diesel motors to allow them to operate on natural gas.
However the company also has two petroleum exploration tenements in South Australia, which neighbour where Linc Energy is exploring for shale gas.
Linc announced on Wednesday two independent reports had estimated the prospective gas resource to be in the range of 100 to 240 billion barrels of oil equivalent.
That news has driven Linc’s shares up by as much as 48 per cent in the days since the announcement, but closed 22 per cent higher today.
Following a query from the Australian Stock Exchange today Eden Energy attributed increased interest in its stock to Linc’s announcement earlier in the week.