TMK Energy’s shares rose by as much as 9.1% to A$0.012 following news of its executed binding heads of agreement with peer firm, Talon Energy, meant to consolidate 100% ownership of a project in Mongolia to TMK Energy.

In return, the total consideration for Talon Energy’s 33% earned interest in the project is the issue of up to 1.1 billion shares and up to 550 million listed options.

Meanwhile, Talon Energy’s shares fell as much as 4.35% to A$0.220.

Thus far into the year, Talon Energy’s stock had climbed up by 39.4% as of the previous close, while TMK Energy’s slid down by 26.7%.

TMK Energy is an exploration company in the oil and gas sector.