Market ReportMarket Movers

Lansdowne Oil & Gas lead rising exploration stocks on quiet session

Proactive takes a look at what's moving on Thursday December 28.

offshore oil operations
Lansdowne has a 25% stake in Providence Resources Barryroe field

Lansdowne Oil & Gas Plc (LON:LOGP) shares shot up around 160% on Thursday with the news that a potential farm-in partner has entered into an exclusivity agreement and is engaging in ongoing negotiations for a stake in the Barryroe field.

Provisional agreements have been made with the unnamed potential new partner, over the key commercial terms of a deal, Providence Resources revealed in a stock market statement.

Providence holds 80% of Barryroe and it is presently the operator of the project. Changing hands at 1.99p, Lansdowne shares were up 1.16p or 140.9%. Providence, meanwhile, rose 23% to trade at 7.25p.

Without discernible news a number of other small cap oilers were moving.

Petro Matad Plc (LON:MATD) shares gained 10.87% to 12.75p, Nighthawk Energy Plc (LON:HAWK) rose 9% and 88 Energy Plc (LON:88E) climbed 7%.

Eco Atlantic Oil & Gas Plc (LON:ECO) shares were up 6.5%.

Inspirit Energy Plc (LON:INSP) advanced almost 14%.

Trinity Exploration (LON:TRIN) shares backed off 6.6%, UK Oil & Gas Investments PLC (LON:IOG) was down 5.75%.


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