(Alliance News) - Independent Oil & Gas PLC Friday said it is considering a possible all-share offer for fellow AIM-listed oil and gas firm Deltic Energy PLC.
Deltic shares closed up 39% at 1.60 pence on Friday, giving it a market capitalisation of GBP16.2 million.
Independent said there can be no certainty that an offer will be made and a further announcement will be made as and when appropriate. In accordance with UK takeover rules, the company has until October 9 to announce a firm intention to make an offer for Deltic.
Independent shares closed down 3.5% at 13.70p Friday.
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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Deltic Energy (DELT)