Spike Targets Bridge Energy
Anglo-Norwegian junior oil and gas firm Bridge Energy reported Monday that it has received a takeover approach from Norway's Spike Exploration. Spike's offer values Bridge at approximately $165 million, with the Norwegian firm saying it will finance the offer out of its own cash resources.
Bridge is participant in a significant number licenses on both the UK and Norwegian continental shelves, and has several operatorships. The firm has, so far, drilled 18 exploration and appraisal wells, making 10 discoveries.
Commenting on the offer, Bridge CEO Tom Reynolds said in a statement:
"We are pleased to announce that Bridge has received a cash offer from Spike Exploration. The board decided to recommend this offer as it reflects a fair valuation of our portfolio and a significant premium to the recent [share price] trading range."
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