16th Mar 2015 12:39
LONDON (Alliance News) - Petro Matad Ltd on Monday noted a rise in its share price and said it is in advanced talks with a potential farm-out partner.
Shares in the company were up 26% to 5.37 pence on Monday early afternoon. Its shares are up more than a third in the past seven days and have more than doubled in value in the year to date.
The Mongolia-focused oil explorer said it is in advanced discussions with an unnamed international oil company regarding a possible farm-out of a proportion of its assets.
It said the final terms of the deal have not been agreed and said there is no guarantee that any deal will be concluded.
By Sam Unsted; [email protected]; @SamUAtAlliance
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