Tethys Petroleum (TSX: T.TPL, Stock Forum) shares raced 33% higher to close at $1.82 on Thursday, although the company traded as high as $1.95 during the session.
The company on Monday reported initial results of testing on the upper zone of its AKD01 oil discovery in Kazakhstan. The well flowed at a restricted rate of 5400 barrels per day. It reiterated that oil flowed at a rate of 6800 barrels per day or more during recent tests on the lower zone of the AKD01 well.
The company’s soaring share price was the focus of discussion for the Bullboard.
Upland14 reminded others that Tethys has an ongoing drilling project in Uzbekistan. “They are also currently drilling in Uzbekistan. Perhaps this well has come in and news has leaked? ... just a thought.”
And FoxTek1 guessed that a financial would be announced soon, “but not sure at what price.”
Tethys shares have traded higher for two consecutive sessions. “This is proof that news takes time to reach all market participants,” wrote renoldman. It is highly likely that those large purchases were institutions.Retailers: Are you watching this stock wondering what to do? 20% gain on the day .... do the institutions want more?
“Or will the shop close soon? There will be some great swings today .... as they try to milk us out. Don't forget that someone here has been comparing it to something with way higher valuations. Anyways, out and in again with a free $500 amount ..... That's right I sold some stock and bought it back .... When I see a double, I got to take something ..... Looking to power higher in the near future, so I scooped them back!”
Another poster, Ahsan, described the rally as unbelievable, saying that he had his entire holdings in the company.
The celebration was broad. “I have made so much money today I don't even have a clue what to say,” said Canucklehead1, and asked for the Board’s opinion about potential Friday prices.
Greenpasture forecast another release from the company would be out shortly. “Expect the reason we are having this is valuation is catching up based on recent results. A close within 5% of the high will be a handshake for tomorrow.”