Cash shell Kistos has acquired Tulip Oil Netherlands BV for €222.75m. This provides cash flow from an existing gas field and potential production from other fields in the Netherlands.
Gas remains an important energy source in Europe, although there could be a decline in demand over the next decade. Kistos argues that it can help Tulip to adapt to issues raised by the net zero agenda.
The shell originally floated at 100p a share, when £31.75m was raised. The share price rose 11p to 180p on the day of readmission. That values the company at £149m. That is below NAV, although intangible as...
