FINWIRES · TerminalLIVE
FINWIRES

Pharos Energy Shareholders Approve Ratio's Increased Takeover Bid

By

Pharos Energy's (PHAR.L) shareholders approved the increased recommended cash takeover offer of Israel-based oil and gas explorer Ratio Petroleum Energy.

The London-listed oil and gas exploration and production company said Friday that 98.46% of its shareholders voted in favor of the scheme of arrangement linked to the offer, including the amendment to Pharos' articles of association.

Ratio's increased offer is valued at 0.3375 pound sterling ​per share, including a dividend, from the previous bid of 0.28 pound per share. The offer was raised earlier in August.

Related Articles

Equities

Market Chatter: Venezuela Weighs OPEC Exit Amid Deepening US Ties

Venezuela is considering leaving OPEC as it deepens ties with the US, Bloomberg reported, citing people familiar with the matter.The idea has been discussed with US officials, though no final decision has been made, according to the report.The potential exit comes as Washington takes greater control of Venezuela's oil sales and negotiates a possible stake in the country's oil fields, Bloomberg said. Venezuela produced 1.16 million barrels a day in July, according to a Bloomberg survey, with output rising this year.Bloomberg said Venezuela's departure would likely have little immediate impact on global oil markets given its diminished production, but could raise fresh questions about OPEC's cohesion and ability to influence crude prices.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Equities

Market Chatter: Trump Administration in Talks to Take Stake in Venezuelan Oil Resources

The Trump administration is in talks with its Venezuelan counterpart about taking an ownership stake in the South American country's oil resources, Axios reported Thursday, citing two US officials.A potential deal would more than double US oil reserves, with discussions including more than a dozen productive oil fields, the report said.The deal would also benefit Venezuela, with private companies developing the fields and returning more oil revenue to that country, the report added.While the exact timing of the deal is unclear, US Energy Secretary Chris Wright has been planning to go to Venezuela next week to discuss ways to boost oil production by US firms, Axios said.A spokesperson for the White House did not immediately respond to' request for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Equities

Market Chatter: BP Reportedly Discussing Sale of Certain Egyptian Oil, Gas Assets to Energean

BP (BP.L) is in exclusive discussions with Energean (ENOG.L) for the sale of certain oil and gas assets in Egypt, Reuters reported Thursday, citing two people involved in the process.The deal covers the oil giant's stakes in its operated West Nile Delta assets, jointly owned with Harbour Energy (HBR.L), as well as its 50% contractor working interest in the Temsah concession, co-owned with Eni (ENI.MI).BP and Energean did not immediately respond to requests for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

$BP.L$ENI.MI$ENOG.L$HBR.L