News blog
DEO Petroleum / Parkmead
- BY: Andrew Hore |
- POSTED: 28/05/2012 |
Parkmead, the oil and gas company run by former Dana Petroleum boss Tom Cross, has agreed a £12.7m bid for DEO Petroleum.
DEO is focused on oil and gas exploration in the North Sea. This includes a 52% stake in the Perth field where it is also operator. DEO estimates that its share of recoverable resources is 21.5m barrels of oil. Parkmead will be able to help finance the development of this field and any other discoveries.
Parkmead is offering two of its shares for each DEO share. That valued each DEO share at 29.5p, based on the Parkmead share price before the announcement. However, Parkmead shares fell 1.75p to 13p each so the bid is valued at 26p a share – equivalent to £11.2m.
DEO shares rose 5.75p to 26.75p so they are above the bid value.
Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFMay2012_32.pdf
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