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NEW YORK - Shares of Interoil Corp. surged on Monday following reports that China National Offshore Oil Corp. and PetroChina Co. Ltd. both plan to bid for a stake of the company's natural gas project in Papua New Guinea.
Citing anonymous sources, the South China Morning Post said the deal could draw in as much as $500 million.
Shares of Interoil jumped $4.75, or 19.2 percent, to $29.50 in heavy midday trading. Shares rebounded following several weeks of declines. As of Friday's close, Interoil's stock had fallen 33 percent since the beginning of the month.
The Australian oil company has petroleum licenses covering about 4.6 million acres, an oil refinery and retail and commercial distribution facilities in Papua New Guinea.
Shares of PetroChina rose $3.38, or 3.1 percent, to $114.36.
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