FOGL, which has current interests south and east of the UK-controlled islands, offered 0.6 of a share for each Desire share, valuing Desire at £61 million ($98 million), a 45% premium on the stock’s price on 2 October.
FOGL shareholders will retain 60% of the enlarged company, which will have about $170 million of cash.
The new company is expected to take part in five exploration wells late next year, two in the south and three in the north, four of which should be carried.
Moreover,
