7th Jun 2023 19:55
(Alliance News) - Hurricane Energy PLC on Wednesday said that its acquisition by Prax Exploration & Production PLC has been sanctioned by the UK High Court.
Shares in the oil exploration company based in Surrey, England closed up 4.9% to 7.79 pence each in London on Wednesday afternoon.
Prax, also based in Surrey, is a subsidiary of State Oil Ltd, which is the holding company of Prax Group. The company is an oil refining, storage, distribution and sales conglomerate dealing in crude oil, petroleum products and bio-fuels.
In March, Hurricane Energy agreed to be bought by Prax for about GBP249.0 million. It had entered a formal sales process back in November.
On Wednesday, Hurricane Energy said its acquisition has been sanctioned by the court.
Dealings in the company's shares will be suspended on Thursday.
Dentons UK & Middle East LLP is providing legal advice to Hurricane. Pinsent Masons LLP is providing legal advice to Prax.
By Sophie Rose; Alliance News reporter
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