Petro Matad Ltd Thursday said it is unaware of any reason for the recent sharp increase in its share price.

The stock has risen 86% from an opening price of 3.5 pence on Monday to 6.50 pence on Thursday.

The oil exploration company, with operations in Central Mongolia, said that discussions with a small number of parties regarding a possible farm-in to its operations in Mongolia are continuing.

Petro Matad also said that interpretation of its recently acquired seismic data from Blocks IV and V in Mongolia are ongoing and are expected to be largely complete by mid-February.

The company said the results of the interpretation will enable the company to design a drilling program for 2014 and any further news will be announced once there are changes to these events.

Petro Matad shares actually fell 1.9% Thursday to 6.50 pence.