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Sodra Petroleum - NO RECOMMENDATION

Companies: SPM   
08/08/2001

Sodra's 95% shareholder Lundin Oil, which itself is in the process of being taken over (by Talisman Energy), has commenced compulsory purchase of the remainder of Sodra's shares. Some investors had high hopes for these given the company's interests in the Falkland Islands, which have so far proved to be unproductive as drilling conditions have not proved conducive for development. Shareholders were offered 11 'B' shares in Lundin for every one held in Sodra, which had the effect of doubling their market value.

Market cap: £8.5m
Share price: 21p

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