Shares of Chariot Oil & Gas Limited (LON: CHAR) today surged 30.1% despite the company not making any major announcements adding to Monday’s 28% rally.
The lack of major fundamental catalysts behind the move implies that the company’s share price is playing catchup to last week’s resource upgrade.
The company announced a major resource upgrade on its Anchois Gas field located in Morrocco including:
It seems like investors have now realised the significance of last week’s announcement and are buying up the stock in large numbers.
Chariot Oil & Gas share price
Chariot oil shares today surged 30.1% to trade at 5.48p having rallied from Monday’s closing price of 4.21p.