Petro Matad's Unaware Of Reason For Share Price Increase
LONDON (Alliance News) - Petro Matad Ltd Thursday said it is unaware of any reason for the recent sharp increase in its share price.
The stock has risen 86% from an opening price of 3.5 pence on Monday to 6.50 pence on Thursday.
The oil exploration company, with operations in Central Mongolia, said that discussions with a small number of parties regarding a possible farm-in to its operations in Mongolia are continuing.
Petro Matad also said that interpretation of its recently acquired seismic data from Blocks IV and V in Mongolia are ongoing and are expected to be largely complete by mid-February.
The company said the results of the interpretation will enable the company to design a drilling programme for 2014 and any further news will be announced once there are changes to these events.
Petro Matad shares actually fell 1.9% Thursday to 6.50 pence.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
Copyright © 2014 Alliance News Limited. All Rights Reserved.
The stock has risen 86% from an opening price of 3.5 pence on Monday to 6.50 pence on Thursday.
The oil exploration company, with operations in Central Mongolia, said that discussions with a small number of parties regarding a possible farm-in to its operations in Mongolia are continuing.
Petro Matad also said that interpretation of its recently acquired seismic data from Blocks IV and V in Mongolia are ongoing and are expected to be largely complete by mid-February.
The company said the results of the interpretation will enable the company to design a drilling programme for 2014 and any further news will be announced once there are changes to these events.
Petro Matad shares actually fell 1.9% Thursday to 6.50 pence.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
Copyright © 2014 Alliance News Limited. All Rights Reserved.
Comments
Post a Comment