Corporate activity dominated the oil and gas sector, with a major private equity takeover and a contested bid squaring off against smaller-cap financing and permitting news. DCC Energy's board recommended a near £5.75bn cash exit to a private equity consortium, while Serica Energy stepped into a live bidding contest for Pharos with a £145.7m counter-offer, sending its own shares lower. Zephyr Energy secured non-dilutive funding for its Paradox project and Oracle Power moved a step closer to permitting at its Kalgoorlie gold project.
Serica gatecrashes Ratio's bid with £145.7m Pharos offer
Serica Energy (SQZ) has tabled a £145.7m cash offer for Pharos, intervening in a bid situation previously led by Ratio. Chief executive Chris Cox framed the move as a step toward long-held ambitions of international diversification, calling the acquisition "a compelling opportunity to deliver a first step in our long-standing strategic objective of adding to the diversification of our business through international expansion." Serica shares fell 5.988% to 241.8p as investors weighed the cost and strategic logic of contesting an existing bid.
Zephyr Energy signs outline deal for $15m non-dilutive Paradox funding
Zephyr Energy (ZPHR) has signed a letter of intent with Atlas Oil for prepaid commodity purchase financing worth $15m, structured to avoid both equity dilution and asset disposals. The arrangement gives the group, led by Colin Harrington, a funding route for its Paradox project that preserves its existing shareholder base and asset portfolio. Zephyr shares slipped 3.439% to 3.65p despite the financing news.
