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14

Oil Firm Ivanhoe Energy's Shares Rose

Ivanhoe Energy Inc. shares gained 15% Monday after a successful test run of a heavy crude upgrader

Ivanhoe Energy Inc. shares gained 15% Monday after a successful test run of a heavy crude upgrader at its California demonstration site.

The company said the 26-hour run was part of a program that included configuring the demonstration plant for the processing of heavy crude for specific commercial opportunities.

The Vancouver-based company's shares closed up 28 cents at C$2.18 in trading on the Toronto Stock Exchange. The stock has traded as high as C$3.75 in the last 52 weeks.

Ivanhoe Energy said it believes these new configurations may represent a simple and cost-effective alternative for the processing of some of the more challenging heavy crudes around the world.