European Gas has subsequently waved the 90% minimum acceptance clause, thus declaring the offer unconditional.

As of yesterday, the company said it was waiting to secure a further 2.8%, or almost 1.6 million Heritage shares, before it moved to compulsorily acquire the outstanding stock.

European Gas, formerly a Canning Basin explorer known as Kimberley Oil, re-badged itself after farming-in to several French and Italian CSM exploration blocks held by Heritage.

Under its takeover proposal announced December 18, the company is offering Heritage shareholders 0.55 new European Gas shares and 1.5p in cash for each of their shares.

The bid places a value on Heritage shares of 19.1p, a premium of 54% on the weighted average price over the past six months.

At the time, European Gas said Heritage’s directors and major shareholders, who hold about 68.5% of all the stock, have agreed to irrevocably sell their stake.

The merger, if successful, would result in European Gas acquiring Heritage’s entire issued share capital and thereby the remaining interest in various projects in France and Italy it does not already own.