Mosman Oil & Gas Share News (MSMN)

LONDON (Alliance News) - Mosman Oil and Gas Ltd Friday said its takeover over of Trident Energy Ltd has been unanimously recommended by Trident's Directors.

Mosman made an offer to acquire all of the shares of Trident on July 2, 2014, offering one Mosman share for every five Trident shares.

Trident, the unlisted Australian company with onshore and offshore oil interests in Australia, lodged its target statement in relation to the offer to its shareholders today. Directors of Trident "unanimously recommended that shareholders accept the offer, in absence of a superior offer," Trident said in a statement that Mosman linked to in its own statement.

"The offer provides Trident shareholders with an opportunity to hold shares in a listed company, rather than an unlisted company," and help clear exisiting debt, improve its asset base and enhance its exploration to deliver additional value to shareholders, said Trident Chairman Christopher Haslam in the statement.

Mosman has a total of four permits in New Zealand and Australia and this number will increase to seven if the Trident bid is successful.

Mosman's shares were up 4.25% to 25.15 pence per share Friday morning.

By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance

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