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Amedeo Resources shares soar on Chinese rig deal

Amedeo Resources shares soar on Chinese rig deal

Amedeo Resources (LON:AMED) shares soared in early deals as the company confirmed reports of a Chinese rig deal.

The AIM-quoted firm, worth about £60mln after the share price rise, has an indirect 18.6% stake in Chinese firm Jiangsu Yangzijiang Offshore Engineering (YZJOE), which has a conditional deal to build two semi-submersible drilling platforms.

There is a possibility that the deal will be extended for another two rigs.

Amedeo said the contract value was US$1.7bn, and delivery of the drilling platforms would take around three years.

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