Molopo Energy (ASX:MPO) substantial shareholder Bentley Capital (ASX:BEL) has received an $0.25 per share, or $8.44 million, offer for its 13.66% stake in Molopo.
While no agreement has been reached between Bentley and the buyer, the offer is notable given that Molopo’s shares are currently trading at $0.20.
Molopo is focused on its oil and gas operations in Texas where it first quarter 2014 production averaged 223 barrels of oil equivalent.
The company has no debt and is current capitalised at circa $48 million, well below its cash backing of US$61 million as at 31 March 2014.
Molopo Energy (ASX:MPO) substantial shareholder Bentley Capital...
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