23rd Apr 2014 11:04
LONDON (Alliance News) - Acorn Minerals PLC Wednesday said it has conditionally agreed to acquire Australian oil and gas exploration and extraction company Gulf Energy Ltd, which holds the rights to a licence over about 15,500 square kilometres in the Gulf of Carpentaria, offshore Queensland.
Acorn's shares were suspended from trading Wednesday following the announcement, because the all-share deal would represent a reverse takeover, meaning Gulf Energy shareholders would own the majority of the combined company.
Acorn said the agreement is conditional on due diligence and shareholder approval, amongst other factors.
There can be no certainty that the acquisition will be completed successfully, Acorn said.
By Samuel Agini; [email protected]; @samuelagini
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