The media are getting a hold of the deal and reporting. Hold on to your hat.....20 trillion cubic feet
DJ MARKET TALK: Moby Oil Soars; To Buy Rankin Trend
0509 GMT [Dow Jones] Moby Oil & Gas (MOG.AU) soars to 42 cents from 8 cents before easing on heavy volume of 46 million shares. Fueling gain, agreement for MOG to buy Rankin Trend from Gascorp for 120 million MOG shares. This purchase will allow MOG without any cost to be a 15% participant in "a potentially high impact well" in an area where there's been several large hydrocarbon discoveries. In short, MOG buying a 15% interest in an area that includes MEO Australia's (MEO.AU) 70%-owned Artemis prospect, which it estimates contains a natural gas resource of more than 20 trillion cubic feet.(RCB)
MOG Price at posting:
30.5¢ Sentiment: Buy Disclosure: Held
