RE: RE: UK Times Newspaper - Today I agree, the valiant deal while something of a defensive measure by Ithaca management, has likely brought unintended consequences - it may have actually made a mid cap Ithaca even more of a target pre Stella, as the beefed-up reserves and production will now likely put them on the radars of many more of the larger cap players in the North Sea basin, which continues to experience high levels of M&A activity.
With drilling rig rates at record levels and most equipment booked up for 2/3 years ahead, and North Sea oil and gas finds getting smaller and fewer in number, for an increasing number of operators it is becoming more cost effective to buy the reserves rather than through exploration - as Valiant found to their cost with 11 dusters in a row!
I believe an offer pitched at £2.15/$3.50 would be very hard for the board to defend.