ZE PAK soars as analyst predicts no delays to gas project sale to PGE

About this update from Pt Pertamina Geothermal Energy Tbk

** Shares of Polish power producer ZE PAK GPW:ZEP surge over 34% after Pekao predicted in a note that the sale of a gas project to PGE GPW:PGE would be completed in June, as originally planned, and gave a price estimate for it** "We estimate that this project could be sold for about 1.7 billion zlotys ($450 million), significantly exceeding the company's current market capitalization," Pekao analyst Andrzej Kedzierski says** The preliminary deal, agreed in January, included ZE PAK's CCGT gas-fired power plant project and a 50% stake in a nuclear joint venture with PGE** As of 1016 GMT, ZE PAK's shares are up 31.3%, at the top of Poland's small-cap sWIG80 index (.sWIG80) and on track for their best day ever($1 = 3.7781 zlotys)

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