Ithaca Energy agrees to buy Valiant Petroleum for £203m

Ithaca Energy has agreed to buy Valiant Petroleum in a £203m deal, it has been announced.

Valiant's shared soared by more than 30% on news of the cash and stock deal.

Both boards said they were pleased to announce that they had reached agreement on the terms of the recommended acquisition.

Ithaca said it would enable it to double its 2013 production forecast from oilfields in the North Sea.