A WEST of Shetland-focused oil pioneer that faced huge challenges amid the pandemic is in the sights of a bidder as the surge in crude prices fuels interest in North Sea assets.
Hurricane Energy said it had received a takeover offer from a bidder which put a valuation of more than £150 million on the firm. It did not name the bidder concerned.
Hurricane’s directors indicated they felt the offer undervalued the company.
They have put the company up for sale to establish whether a bidder is prepared to offer a value the board considers attractive.
Hurricane stoked huge interest in the West of Shetland area after making promising finds in a relatively under-explored area.
Shares in the firm plunged after it faced production setbacks and demand for crude slumped as a result of the pandemic.
The company has seen its revenues surge following the rise in oil prices that was triggered by the easing of lockdown measures and gained impetus after Russia launched its attack on Ukraine.
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