A recommended takeover bid dominated the small-cap oil and gas session, as Israel-based Ratio Petroleum moved to acquire Pharos Energy in an all-cash deal structured as a scheme of arrangement. Elsewhere, Jadestone Energy's Malaysia drilling campaign delivered an encouraging early result, while Buccaneer Energy reported an 18% uplift in proved reserves.
Ratio Petroleum launches recommended all-cash bid for Pharos Energy
Pharos Energy (LON:PHAR) received a recommended all-cash acquisition proposal from Israel-based exploration group Ratio Petroleum Energy, to be implemented by way of a scheme of arrangement. Ratio cited the combined group's capacity to fund exploration growth as the strategic rationale for the deal, positioning the enlarged entity to pursue opportunities that neither company could comfortably finance independently.
Pharos shares fell 4.72% to 24.2p on the news, a move that likely reflects the market pricing in deal risk and the terms of the cash offer relative to prior expectations, rather than any negative read on the transaction itself.
Jadestone's first Malaysia well flows at 3,000 bopd, unlocking third drill
Jadestone Energy (LON:JSE) reported that the opening well of its 2026 Malaysia drilling campaign flowed at 3,000 barrels of oil per day, with the strong performance and subsurface data from that well prompting a decision to add a third well to the programme. Full-year capital expenditure guidance was left unchanged despite the expanded scope, underscoring the efficiency of the campaign. Jadestone shares rose 1.82% to 28.0p.
Buccaneer Energy reserves climb 18% as NPV reaches $11.7m
Buccaneer Energy (LON:BUCE) published an independent reserves review confirming an 18% increase in proved reserves across its Texas portfolio, with the net present value of those reserves rising to $11.7m. The review also supported the company's borrowing base with WAFD Bank at $4.45m, providing a measure of financial headroom for the group. Buccaneer shares were quoted at 0.0095p.
Prologis goes public with £12.6bn approach for Segro
United Oil & Gas (LON:UOG) shares edged up 3.6% to 0.1813p in a session where broader sector attention was drawn to news that US logistics giant Prologis had gone public with a £12.6bn all-share takeover approach for Segro after an initial proposal was rejected by the board. Prologis urged Segro shareholders to press their board into engaging with the offer.
