News

June 22, 2009

Rift Oil’s Board Accepts All Cash Offer From Talisman Energy For the Company As The Best Way To Take Its Gas Assets On Papua New Guinea Forward

Ian Gowrie Smith, Chairman of London listed Rift Oil made a long statement about the takeover of his company. But one sentence sums up why he was pleased the deal had gone through.

He said: “The Board of Rift Oil are pleased that years of investment and hard work have culminated in this offer for the company at a price we believe suitably rewards shareholders. It is time for those with more significant resources to take over the challenge of development and commercialisation”.

Two years ago the oil and gas exploration company raised £11 million at 3 3/4p a share to open a new energy business in Papua New Guinea, having been brought to the London junior AIM...