West Africa-focused Vaalco Energy has a struck a $307 million deal to acquire TransGlobe Energy Corporation, which operates an array of assets in North Africa and North America.

The response to the deal was muted from Vaalco investors, with the company’s share price falling about 1.73% to 511.5 pence in mid-morning trading in London.

TransGlobe shareholders, however, were far more bullish about the transaction, driving its stock price up by about 23.5% to 325 pence in London, equivalent to the premium being paid by Vaalco.