Moby Oil shares soar 337% on news of acquisition

Moby Oil shares soar 337% on news of acquisition

Moby Oil and Gas (ASX:MOG) shares soared 337.5% to $0.35 today after the company announced it had arranged to purchase Gascorp Australia subsidiary Rankin Trend.

Rankin Trend owns an interest in two petroleum exploration permits, including a 15% stake in the Artemis Prospect shared with MEO Australia (ASX:MEO).

Moby will pay 120 million of its own shares for the unit, but these will be held in escrow for 12 months in co-operation with ASX listing rules, the company said.

The agreement is subject to shareholder and regulatory approval, and to MEO’s commitment to commence drilling at the Artemis site by the end of the year, Moby added.

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Tags Gas Moby Oil

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