Markets

UPDATE: PetroMagdalena Announces Farm-in with Interoil; Shares Open Up 2%

A pen and a calculator.
Credit: Shutterstock photo

PetroMagdalena Energy Corp. (PMD.V) opened up 2% to $1.79 today after announcing earlier that it has entered into a binding letter of intent with Interoil Colombia E&P Inc. in respect of a 50% participation to farm in to the LLA-47 block located in the Llanos just south and on trend with the company's main Cubiro block and other producing blocks in the basin.

Luciano Biondi, Chief Executive Officer of PMD, said: "This allows us to leverage our in-depth Cubiro experience to an exciting new block with the same geological and surface characteristics and logistical aspects."

More than 3,000 PMD shares have changed hands so far.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Other Topics

Commodities

Latest Markets Videos

    MTNewswires

    Founded in 1999, MT Newswires (formerly known as Midnight Trader) is a leading provider of original source, multi-asset class, real-time, global financial news and information to most of the largest banks, brokerage firms and professional market data, trading & research applications in North America.

    Learn More