Serica Energy (LON: SQZ) has rejected an increased potential offer from fellow AIM-quoted oil and gas producer Kistos (LON: KIST). The board does not think that it reflects the value of the underlying assets or their potential.
Serica Energy points to the potential from exploration drilling at the North Eigg prospect, which could have a significant resource.
The new offer is 0.4 of a Kistos share plus cash of 213p a share – 67p of cash coming from Serica Energy’s own coffers and the rest from Kistos – for each Serica Energy share. That is 425p per Serica Energy share based on a Kistos s...
