Mosman Oil & Gas has told investors that its takeover of Trident Energy is now unconditional and it now has the right to compulsory purchase the remaining shares.
With Mosman having acquired 80.06% of Trident’s shares all remaining bid conditions have now been waived, the company said.
Mosman is paying £1.6mln for Trident in a deal that will see the AIM-listed company add highly prospective assets in Australia’s Otway, Amadeus and Canning basins.
The Amadeus Basin comprises 170,000 square kilometres and is one of Australia's least explored basins; it contains two producing fields, Mereenie Oil and Gas field and the Palm Valley Gas field.
"We have completed yet another step in achieving Mosman's objectives, and welcome the Trident shareholders to Mosman," Mosman’s executive chairman John Barr said.
Additionally, Mosman updated investors on the progress of its latest well at the Petroleum Creek project in New Zealand. Drilling began yesterday and 52 metres have been drilled towards the 200 metre planned depth for the well.
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