The West

Nido Petroleum is ready to begin drilling at its Baragatan joint venture prospect.
Nido Petroleum is ready to begin drilling at its Baragatan joint venture prospect.

Nido Petroleum has recommended acceptance of a $113 million cash takeover bid from Thai company Bangchak.

The WA-based energy group emerged from a trading halt today to announce Bangchak had offered 5.5 cents a share for Nido, a 34 per cent premium to its last trade of 4.1 cents on July 29.

Nido directors have unanimously recommended acceptance of the offer, which values the company at $113 million.

Bangchak's offer was launched via fully owned subsidiary BCP Energy International, which last week announced agreement to buy the 19.66 per cent of Nido held by its biggest shareholder, Petroleum International Investment, also at 5.5 cents.

Nido produces oil from two small fields in the Philippines.

The West Australian

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