NEW YORK (TheStreet) -- Shares of Exxon Mobil (XOM) are advancing, higher by 2.72% to 88.76 in afternoon trading Wednesday, as Ivory Coast's government signed production sharing agreements with the oil giant for two ultra deep water blocks in the Gulf of Guinea, Reuters reports.
The deal was for Ivory Coast's CI-602 and CI-603 blocks, as Exxon Mobil acquires offshore acreage.
"The maximum exploration period is nine years for each block and, in the case of a commercial discovery, the length of the contract will be 25 years," Oil and Energy Minister Adama Toungara said in a statement today, Reuters added.
The Ivory Coast government held a promotional event in Houston, TX in October as it is seeks out investors for permits of seven new ultra-deepwater blocks, Reuters noted.
Separately, TheStreet Ratings team rates EXXON MOBIL CORP as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate EXXON MOBIL CORP (XOM) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its attractive valuation levels, largely solid financial position with reasonable debt levels by most measures, growth in earnings per share and increase in net income. We feel these strengths outweigh the fact that the company shows weak operating cash flow."