According to newspaper reports in the Kuwait al-Seyassah newspaper, the Kuwaiti national oil company has pulled out of talks with North Sea focused and Canadian TSX/UK AIM listed oil company Ithaca Energy. The company’s RNS in March stated they were in discussion with several bona fide bidders presumably including the Kuwaiti’s. So what now for the other bids? This should at least precipitate an RNS from the company clarifying the bid situation. News on first oil from the North Sea Athena field is also expected which will double Ithaca’s production to 10,000 BPD from June. At 178p, Ithaca Energy is not an expensive share by any means and the chances of a takeover have been discounted from the price, with a fall back from around £2.10 in March.
Kuwait pulls Ithaca Energy bid – paper
Sunday, 6 May 2012 7:37 PM
Kuwait’s national oil company has walked away from takeover talks with North Sea-focused oil and gas explorer Ithaca Energy, a Kuwaiti daily reported on Sunday.
Kuwait Foreign Petroleum Exploration, the international arm of Kuwait Petroleum Corp. (KPC), was not immediately for comment on the report in al-Seyassah newspaper which cited high-level unnamed sources in KPC.
“Kuwait closed the door to negotiation completely,” the newspaper quoted a source as saying.
London’s Sunday Times reported in March that the Kuwaiti group was in advanced takeover talks with the company, which is also listed in London.
Contrarian Investor UK