BG Group rises following farm-in agreement in Mongolia
Shares in BG Group jumped on Tuesday thanks to the oil market recovery and the acquisition of Mongolian assets.
BG Group
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FTSE 100
8,060.61
15:45 15/11/24
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FTSE 350
4,453.56
15:45 15/11/24
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FTSE AIM All-Share
728.67
15:45 15/11/24
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FTSE All-Share
4,411.85
15:45 15/11/24
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Oil & Gas Producers
8,043.72
15:45 15/11/24
1.32%
105.17
Petro Matad Ltd.
1.50p
15:45 15/11/24
-10.71%
-0.18p
Oil market benchmarks recovered following declines in pre-Easter trading as Iranian nuclear talks ended in a settlement.
The natural gas company entered into an agreement with Petro Matad, acquiring a 78% stake in Block IV and Block V in central Mongolia for $28m.
In addition to the mutually agreed amount, the group will pay Petro Matad $4.5m in cash.
Oyungerel Janchiv, acting chairperson at Petro Matad said: "BG Group's decision to enter Mongolia is an endorsement of the potential within the acreage and Petro Matad's technical work to date."
Shares in BG jumped 6.74% to 910.4p on Tuesday, while Petro Matad gained 67.26% to 8.99p.