Capricorn and New Med to merge
The deal between the two independents leaves London-listed Tullow Oil without a dance partner
London-listed Capricorn Energy plans to combine with Israeli independent New Med Energy instead of UK-headquartered Tullow Oil. The merged company, which will retain the name New Med Energy, will be “one of the largest upstream energy independents listed in London”, Capricorn says. The Capricorn board “intends to recommend [the merger] unanimously” and “has unanimously decided to withdraw its intention to recommend the Tullow combination”. As recently as early September, the Capricorn board was still in favour of the Tullow merger but admitted they were also “assessing all options” and “exploring a number of expressions of interest”. New Med’s board will also unanimously recommend the deal.
Also in this section
25 April 2024
Some companies with assets in Israel have turned towards Egypt as tensions escalate, but others are holding firm despite rising tensions
24 April 2024
But even planned exploration activity is unlikely to reverse declining output from mature fields
23 April 2024
Cheaper Russian barrels and lower overall crude prices have helped cut key oil consumer’s import bills in election year
22 April 2024
Pursuing three different goals as part of the same package may mean achieving none of them