Falklands juniors to merge

UK OILERS Rockhopper Exploration and the once Australian-controlled Falkland Oil and Gas have decided to formalise their relationship in the contested Falklands Islands, and will complete a merger deal worth $120 million.

Rockhopper will swallow up FOGL, offering 0.2993 shares for every one FOGL share in the all scrip takeover, which comes at an 11 pence (23c) premium, assuming shareholders give the deal approval.