Petratherm Limited were issued with a “speeding ticket” by the ASX on Tuesday 23rd January. PTR was asked to explain why its share price rose from 46.5c to 60c in less than two weeks. 

Its response on Wednesday 24th was that it may be because the company has “entered into negotiations with third parties on a confidential basis regarding various possible transactions.” Speeding ticket dealt with, PTR again put the pedal to the metal and sped on to 66.5c before screeching to a trading halt on Thursday 25th “pending the release of an announcement by the company.” 

The reason for its haste was announced on Tuesday 29th. PTR was in a hurry to get to the Beach! Beach Petroleum Limited farmed into PTR’s Paralana project, promising up to $30m in cash in return for up to 36% equity. 

PTR reopened on the market at 74c.