Mosman Oil & Gas close in on Trident takeover
New Zealand and Australia-focused oil explorer Mosman Oil & Gas has announced its takeover bid for Trident Energy has received the green light.
In a note on Monday, the firm indicated that it had received acceptances from shareholders comprising 86.93% of the entire issued capital of Trident and it had declared the bid unconditional overnight on the AIM board of the London Stock Exchange.
Meanwhile, on Monday, Mosman said that the drilling operations at its Petroleum Creek Project were proceeding at a slower rate than initially forecasted.
The Crestal-2 well reached a depth of 80m early, with hole conditions similar to those encountered at Crestal-1 halting the progress, as the well has not penetrated the Eight Mile or Cobden formation.
Mosman shares were down 7.37% to 20.6p at 08:55 on Monday.