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(Alliance News) - 88 Energy Ltd on Thursday said that it will acquire fellow Australian firm XCD Energy in a stock deal to form an oil exploration company focused on the US state of Alaska.
Under the acquisition agreement, 88 Energy will pay 2.4 new 88 Energy shares for every XCD Energy share held and 0.7 new 88 Energy shares for every XCD Energy listed option held.
"The transaction creates an Alaska-focused oil exploration and appraisal company with a diversified portfolio of three highly prospective project areas: Project Icewine, Yukon Leases and Project Peregrine and provides an attractive investment proposition for existing and new shareholders," 88 Energy said.
Shares in 88 Energy closed at 8.0% higher at 0.27 pence each in London on Thursday.
By Tapan Panchal; tapanpanchal@alliancenews.com
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