An oil exploration and development company is one step closer to completing a strategic company takeover.
The New Zealand and Australian-focused explorer Mosman Oil and Gas Limited has now received acceptance from Trident Energy shareholders, which comprises 90.05% of the entire issued capital of the company, for the acquisition.
It’s a significant milestone for the company which needed the acceptance level in order to proceed with the acquisition of the remainder of the Trident shares.
Mosman launched its offer to acquire all of the shares of Trident in July, offering one Mosman share for every five Trident shares.
Trident is an unlisted Australian company with onshore and offshore oil interests in Australia.
The deal was estimated to cost around $2.75million, based on a binding bid implementation agreement.
It will add three exploration assets to Mosman’s portfolio in the “highly perspective” Canning, Amadeus and Otway basins, with conventional and unconventional hydrocarbon potential.
Mosman has now notified Trident that it will proceed with the compulsory acquisition procedure.
The company will own 100% of the issued share capital of Trident which will become a wholly owned subsidiary of Mosman.
John W Barr, executive chairman of Mosman, said: “We have completed yet another step in achieving Mosman’s objectives, and welcome the Trident Shareholders to Mosman.”
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