Ar-Tarim Rises to Highest in 2 Weeks on Oil Exploration Plan

Ar Tarim Organik Gida AS (ARTOG), an organic agriculture company, headed for its highest in almost two weeks ago after saying it will set up a unit to explore oil in southeast Turkey.

The shares jumped 7.4 percent to 4.53 liras at 1:13 p.m. in Istanbul, on course for their strongest level since June 1 on a closing basis and after its initial public offering on May 31.

The exploration unit, Ar Petrol Arama Uretim Sondaj AS, will apply for licenses and hold talks with domestic and foreign companies for oil exploration in the company’s 1.61 million square meters (400 acres) of land in Diyarbakir province, Ar Tarim said in a statement to the Istanbul Stock Exchange after the market closed yesterday.

Turkey imports more than 98 percent of its crude and natural gas.

To contact the reporter on this story: Benjamin Harvey in Istanbul at bharvey11@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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