San Leon Energy said it had made a new gas discovery onshore Morocco but gave no further details of a takeover bid made last month.
The company said the Laayoune-4 well on the Tarfaya conventional licence had been drilled and suspended with gas shows.
San Leon has completed £29million of fundraising through the placing of ordinary shares together with a share capital reorganisation.
In August the company had confirmed speculation of an approach being made for a possible takeover.
The Irish oil and gas company was forced to make a statement after press in the country reported the firm was “being targeted for a takeover”.
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