(Alliance News) - Oilex Ltd's shares in London rose on Tuesday after the company announced its request for a halt in the trading of its shares on the Australian Stock Exchange was granted with immediate effect.
Shares in the oil & gas firm were 66% higher at 0.21 pence on Tuesday in London.
Oilex said its suspension on the ASX is in relation to a proposed acquisition, and will be in place until Thursday, when it makes an announcement relating to the acquisition.
Trading in Oilex's shares on London's AIM however will continue during the period.
On Wednesday last week, Oilex agreed to acquire Holloman Energy Corp's 48% interest in the PEL 112 and PEL 444 licences within the Cooper-Eromanga basins, onshore Australia for AUD145,500 in cash and shares.