Red Rock Resources Share News (RRR)

Shares in Red Rock Resources surged over 10% early on Friday, after the mineral exploration company said it entered into an option agreement with Elephant Oil.The London-listed company said the option, if exercised, would require Red Rock to subscribe for 1,086,956 new ordinary shares in Elephant, at a price per share of 25.3p for a total of £275,000.The agreement, which is exercisable within seven days, also includes the right to invest an additional £412,500 in to Elephant within a six month period, also at 25.3p per share.The group described the agreement as the second stage of its plan, adding it was looking to invest in West Africa, a region in which Elephant Oil has a strong presence."We have with our Ivory Coast investment focussed on the emerging and neglected potential of some countries in Francophone West Africa," said group chairman Andrew Bell."This option to invest in Elephant potentially allies us with a like-minded company which has worked diligently to establish an early presence."Red Rock Resources shares were down 0.15% to 0.0599p at 0931 BST on Friday.