Faroe Petroleum has announced that DNO has failed to receive acceptance for an offer to purchase 13.1% or 48 million shares of the former at a cost of 152p per share in cash.
Faroe Petroleum also announced that DNO acquired an additional 30% interest or 372,890 shares and changed its offer to a mandatory cash offer.
The company noted that the offer made by DNO undervalued the company based on an independent valuation report prepared by Gaffney, Cline & Associates. The report values Faroe at 186p to 225p a share.
DNO is a Norwegian oil and gas operator, while Faroe Petroleum is a UK-based oil and gas company.
The acquisition was approved by the Oil and Gas Authority in December 2018.
The transaction involved a 19.25% consideration of the post-completion share capital of HALO.
The acquisition is part of HALO’s strategy to focus on low-risk natural gas developments in the southern North Sea. It will add Third Energy Offshore’s Greater Pegasus Area and Andromeda prospects in the Southern North Sea to HALO’s portfolio.
HALO and Third Energy Offshore are hydrocarbon exploration and production companies based in the UK.
Ophir Energy has received a takeover offer from Medco Energy International.
The acquisition will help Medco Energy to expand its business to the Middle East and Africa as Ophir Energy operates a number of hydrocarbons development projects in these regions.
Ophir Energy is an oil and gas exploration and production company based in the UK, while Medco Energy International is an Indonesian oil and gas company and a subsidiary of Medco Daya Abadi Lestari.