Incremental Petroleum

It is not that Perth dealmakers are joining the dole queues, they have just had a little more time on their hands recently.

Directors in Incremental Petroleum have unanimously recommended TransAtlantic Petroleum's takeover offer after securing a further increase in the cash bid.

Perth-based Incremental Petroleum has recommended shareholders reject an $84 million takeover bid by Texan firm TransAtlantic, citing the current low oil price as one reason to rebuff the offer.

Cooper Energy has become the major shareholder in Incremental Petroleum, purchasing a share of almost 27 per cent in the company.

Cooper Energy is today urging Incremental Petroleum shareholders to accept its takeover offer as the corporate watchdog says it will not apply on Cooper's behalf for an extension of the bid.

Incremental Petroleum says its second suitor TransAtlantic could still alter its bid as another independent report lowers the value of the takeover target's shares.

The takeover tussle for Incremental Petroleum Ltd could be extended after the corporate watchdog asked bidder Cooper Energy Ltd to extend its deadline that it thought was final.

Cooper Energy Ltd has extended its takeover offer for Incremental Petroleum Ltd and declared the offer unconditional and final.

Acceptances for Cooper Energy Ltd's takeover offer for Incremental Petroleum Ltd have jumped nearly 10 per cent, after the takeover target formally rejected the offer earlier this week.

Perth-based Incremental Petroleum Ltd today dismissed suggestions by Cooper Energy Ltd that it has insufficient cash to fund its growth strategy as "scare mongering".

Incremental Petroleum Ltd has recommended its shareholders reject Cooper Energy Ltd's $86 million takeover offer, saying the offer undervalues the company by some 70 per cent.

Takeover target Incremental Petroleum Ltd has upheld its advice to shareholders to take no action on Cooper Energy Ltd's offer, as its posts an 18 per lift in revenue for the September quarter despite falling oil prices.

Incremental Petroleum Ltd has withdrawn its application to the Takeovers Panel after being satisfied with hostile suitor Cooper Energy Ltd's replacement bidder's statement.

Incremental Petroleum Ltd has taken Cooper Energy Ltd's takeover bid to the Takeovers Panel, saying there are certain deficiencies in the offer.

Perth-based Incremental Petroleum Ltd said it does not see any synergies in merging with Cooper Energy Ltd as it again reiterated calls to shareholders to take no action on the bid.

Applecross based oil and gas exploration company Incremental Petroleum has entered a trading halt, with an announcement due to be made on Wednesday.

Incremental Petroleum Limited has announced that it has concluded the purchase all of a further 10 per cent equity in the Edirne licence in Western Turkey from one of its Turkish partners for US$1.5 million.

Incremental Petroleum Ltd 18-Oct-05 Settlement of acquisition of Selmo oilfield assets was completed.

October 20. Incremental Petroleum. Proposed code: IPM. Issue price: $1.00. Principal activities: oil exploration and production.