Reservoir Exploration Technology (OSE: RXT) was halted today with incoming news from the company. The firm said it has received a letter of award from an oil company for ocean bottom cable survey in the Middle East.
The estimated value of the contract is 104,5 million USD, which is very large in terms of the company’s market value. Survey is expected to start in 2012 and to take around 12 months. The stock has jumped 50% immediately after matching halt ended 2 minutes ago.
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