Last Wednesday, the Sydney-based company saw 3.3 million shares traded about eight times the usual volume. This is despite the current turmoil in the oil market, with predictions a barrel of oil could fall to as low as $US15 bbl.
The market could have reacting to Novus' announcement it had begun a new exploration well in the Pakistan province of Baluchistan, despite the fact the country of 120 million borders Afghanistan.
"The drilling of this well demonstrates both Novus' and the Government's commitment to ensuring important gas development continues, despite international events," Novus boss Mr Bob Williams said. At the time of writing, Novus shares climbed 6c to be $1.66.
