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PannErgy sells treasury shares to business partner

Geothermal energy company PannErgy on Wednesday said it sold 203,000 treasury shares to a business partner that drills wells for about HUF 211 million.

PannErgy will use the proceeds from the sale to finance geothermal energy projects.

The shares were sold for HUF 1,040 apiece in an off-market transaction. The share closed at HUF 1,039 on the Budapest Stock Exchange on Wednesday.

After the transaction, PannErgy held 3,000,703 treasury shares or 14.25% of the total.

In a separate announcement, PannErgy said final test results from a well it is drilling in NE Hungary showed flow of 6,600-9,000 liters per second, double the rate in preliminary tests. (MTI-Econews)