Rockhopper enters Europe via US$32 million cash and share acquisition of Mediterranean Oil & Gas
Rockhopper's offer represents a 16% premium to MOG's market price. Yet our valuation is materially higher than the purchase price. The discount reflects the substantial risks MOG faces with its commercial portfolio in Italy, namely the technically challenging and complex Ombrina Mare development. Should Rockhopper manage to navigate this project to production, it stands to generate considerable value from this deal.