“Having now received valid acceptances in excess of 90% of the ordinary share capital of Heritage, it remains the intention of European Gas to exercise its rights … to acquire compulsorily the remaining Heritage shares on the same terms of the offer,” it said yesterday.

Under its takeover proposal announced on 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.

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.

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.