Sterling Energy said it has been successful with its 38 mln stg bid for Fusion Oil & Gas.
Sterling said it received on Thursday valid acceptances for the offer from Fusion shareholders owning 52.5 mln shares, equivalent to 51.4 pct of the group's issued capital.
Sterling acquired a 19.6 pct stake in Fusion prior to the offer.
The offer of 3.5 Sterling shares for each Fusion share remains open until further notice. The additional cash election, and the partial cash alternative of 2.5 Sterling shares plus 10 pence for each Fusion share, remain open until Dec 18.
About 96 pct of the shareholders backing the bid chose to receive Sterling shares.
"We are absolutely delighted to have secured backing for our bid, allowing the creation of an enlarged group with an increasing cash flow, and which we are confident provides a solid platform for future growth," said Richard O'Toole, Sterling's chairman.
The merged group will have a market cap of around 90 mln stg and owns assets in the Gulf of Mexico, West Africa and Asia.
