Petro Matad says no reason for share price rise
Petro Matad (LON:MATD) said today it was not aware of any reason why its share price spiked sharply higher on Wednesday.
Shares in the Mongolia-based oil explorer jumped more than 40% and almost doubled at one point to near to 7p, though they eased a little to 6.5p on Thursday.
Petro added it is still seeking a farm-in partner for its acreage in Mongolia and discussions with a small number of parties are continuing, as previously announced.
Interpretation of the recently acquired seismic data from Blocks IV and V is on-going and is expected to be largely complete by mid-February, it added.
"The results of the interpretation will enable the company to design a drilling programme, which subject to funding and permitting, can be conducted during the 2014 drilling season, it added.
Shares in the Mongolia-based oil explorer jumped more than 40% and almost doubled at one point to near to 7p, though they eased a little to 6.5p on Thursday.
Petro added it is still seeking a farm-in partner for its acreage in Mongolia and discussions with a small number of parties are continuing, as previously announced.
Interpretation of the recently acquired seismic data from Blocks IV and V is on-going and is expected to be largely complete by mid-February, it added.
"The results of the interpretation will enable the company to design a drilling programme, which subject to funding and permitting, can be conducted during the 2014 drilling season, it added.
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