Tomahawk makes mysterious return from trading halt

Shares in oil and gas explorer Tomahawk Energy Ltd resumed trading today following a five-day suspension but hit the boards without telling shareholders about a material transaction that triggered the original trading halt.

Tomahawk asked the Australian Securities Exchange to suspend trading in its shares on January 18 pending an announcement today.

But today, the company asked the ASX to allow its shares to resume trading and that "advanced negotiations on a material transaction" had not yet been completed.

One stockbroker said he was "amazed" that the ASX allowed Tomahawk to continue trading without providing shareholders details about the "material" negotiations.

Tomahawk shares closed 1 cent lower at 34 cents.

A spokesman for the ASX was not immediately available.