City broker Cenkos said that Worldview’s low-ball takeover approach for Petroceltic (LON:PCI) was ‘deeply insulting’ to many of the AIM quoted company’s shareholders.
At £6.4mln, or 3p per share, the offer is some 83% lower than Petroceltic’s closing price on Thursday.
In a brief holding statement Petroceltic urged shareholders to take no action, and said it intended to make a further statement in due course.
It was a "notice of preparedness" to grant the document and had to be accepted by February 27 otherwise would lapse.
This triggers a further 60 days, in which the firm must submit a proposal addressing further conditions, including among other things, local ownership of the project.
The drill rig from the programme has been mobilised from Mauritania, and is expected to arrive on site in early March.
In other news, Independent Resources (LON:IRG) told investors it had raised £93,500 through an issue of 77.98mln new shares price at 0.12p each. The placing funds are earmarked for general working capital purposes.
The property in Sierra Leone is a multi- commodity operation, which also features iron and coltan.
Production in 2016 is estimated at 15,700 ounces of gold equivalent. Mining at its Lomada mine in Argentina will have halted after exhausting the commercially available resource.
"With the Indian economic outlook improving we remain positive about our long term growth outlook," said chief executive Arvind Gupta.
Over at Photo-Me (LON:PHTM), strong trading in Japan and from its new automated laundries in Europe sent profits jumping in its latest quarter.
Japan’s new photo-ID cards helped third quarter turnover rise by 11% and profits in the three months to January rose 90% compared to the same period a year ago.