Friday’s Top Gainers: Indonesia Energy Corporation, Culumus Media, & CoreCivic
Indonesia Energy Corporation (NYSEAMERICAN: INDO) was up 65.93% after the company commenced its first of two back-to-back wells drilling on the Kruh block onshore Indonesia. The K27 well, spudded on April 7, is projected to reach a depth of 3400 ft in 45 days after all drilling activities are completed.
Following the conclusion of the K27 well, IEC aims to immediately begin drilling the K28 well located in a 63,000-acre Kruh block. The wells are projected to cost around $1.5 million in drilling and construction costs, and once successful, each will produce more than 100 barrels per day in the 1st year after going live.
Every well is expected to yield $2.4 million in the first year of production, based on the company’s agreement with the Indonesian government and presuming that the oil price will be $90 per barrel. The company’s president Frank Ingriselli said they are delighted with the commitment to start drilling in the two back-to-back wells and leverage the current high oil prices.
Cumulus Media receives a privatization bid.
Cumulus Media Inc. (NASDAQ: CMLS) 39.86% after the company received an unsolicited privatization bid from a consortium led by Connoisseur Media CEO and Founder. The company, which Mary Berner heads, stated that it had received the offer and reviewed it. A consortium led by Jeff Warshaw is considering acquiring the company for $1.2 billion, which includes debt. The consortium is expected to be the audio media content creation firm private in a deal valuing the company between $15 per share and $17 per share.
A spokeswoman for Cumulus Media acknowledged receiving a letter regarding an unsolicited, non-binding, very conditional interest. The Cumulus Board of Directors is analyzing the letter in accordance with its fiduciary obligations and in collaboration with its legal and financial experts.
Cumulus’ acquisition proposal is particularly noteworthy, considering the business, headed by CEO Mary Berner, orchestrated a transaction with Connoisseur Media in April 2019. Four stations in Pennsylvania’s Lehigh Valley plus 2 Cumulus stations in South Connecticut were engaged.
CoreCivic upgraded from Hold to Buy
CoreCivic (NYSE: CXW) jumped 14.96% after the Wedbush analysts upgraded the company from Hold to Buy. Currently, the firm has a price target of $17 on the property investment trust’s stock, and the price objective indicates an upside of 45.30% from the present price.
The company has announced the launch of its fourth ESG Report for 2021, highlighting the company’s commitment to re-entry, diversity, human rights, community, environment, and safety through the pandemic. The report describes how, in 2021, the company kept going to provide life-changing re-entry programming by forging partnerships with community organizations that aided residents to access academic and vocational skills training, as well as online learning chances to keep everybody safe from COVID-19 transmission. These programs will aid residents in their post-incarceration success.