The news that a report indicated there is a high possibility of up to 5.17 billion barrels (Bbl; 1 barrel is approximately 159 liters) of gas and oil being additionally stored in the Ulleung Basin, where the East Sea deep-sea gas field development project 'Daewanggo-rae Project' is underway, caused shares of Korea Gas Corporation to surge.
Shares of Korea Gas Corporation traded at 36,650 won on the KOSPI market at 1:21 p.m. on the 3rd, rising 7.16% (2,450 won) from the previous trading day.
The news that Actgeo, a U.S. deep-sea technology assessment company, submitted a report to Korea National Oil Corporation (KNOC) last December stating it had discovered 14 new promising structures with a high potential for gas and oil reserves in the area of the Ulleung Basin has boosted investor sentiment.
As the name of the most promising structure with the largest exploration resource volume was relayed to be 'Goblin shark,' the so-called 'Goblin shark theme stocks' also began to stir.
At the same time, Korea ANKOR Oil hit the upper limit (the highest daily price limit), and small oil stocks such as Korea National Oil Corporation, Korea Parallel, and Hung-gu Oil recorded stock price increases of over 20%.
However, when investing in these stocks, it is necessary to be cautious of rapid stock price fluctuations. Most of these stocks are not related to the business, so it is common for them to rise in the short term and then drop when liquidity disappears. As substantial procedures like exploration drilling need to be followed, it also takes a long time to see results.
The stock price of Korea Gas Corporation had also jumped to 64,500 won in June last year on expectations for the Daewanggo-rae Project but has remained at about half that level until recent times.