Two oil and gas firms focused on the Falklands could merge. Rockhopper made a takeover offer for rival Falkland Oil and Gas (FOGL) today, valuing the latter at £57.1m.
The takeover would merge the companies’ exploration campaigns in the Falkland Islands.
To fund the acquisition Rockhopper will issue nearly 160m new shares.
Around 1bn barrels of oil are thought to be recoverable within an area no further than 200 nautical miles away from the two Falkland islands.