Moby Oil & Gas Limited (MOG) surged Tuesday after the company announced it had entered into an agreement with Gascorp Australia Pty Ltd to acquire all of the shares in Rankin Trend for 120 million Moby shares. Moby said the acquisition would allow it, without any cost exposure, to be a 15% participant in a potentially high impact well in an area where there have been several large discoveries of hydrocarbons and which is close to existing and planned infrastructure. The company said the acquired area contains MEO Australia Limited’s (MEO) 70% owned Artemis prospect, which has been identified as containing an aggregate prospective resource of 20.3 Tcf of gas in place of which 12 Tcf is expected to be recoverable.
MOG Price at posting:
31.0¢ Sentiment: Hold Disclosure: Held
