Bahamas struck a £25mln deal to acquire fellow Caribbean and South America focussed oil junior Columbus in June, a combination it said will create a “Caribbean and Atlantic margin focused oil and gas champion”.
READ: Bahamas Petroleum strikes £25mln deal for Columbus Energy to create Caribbean and Atlantic ‘champion’
The combined firm will own stakes in five producing fields, two appraisal and development projects in Trinidad, including a brand new discovery, a high impact (800mln to +1bn barrel) exploration well in the Bahamas, and expansive frontier exploration acreage offshore Uruguay and Suriname.
The offer will see Columbus shareholders receive 0.803 new BPC shares for each share they own. It is pitched at 2.57p per share which is an 11% premium to the share’s closing price on June 10, the last trading day before the deal was announced.
Shares in Bahamas Petroleum were 11.1% higher at 2.6p in mid-afternoon trading on Friday.