The offer for $0.41 per share values Bridgeport at $75 million and represents a 24% increase over a share placement offered by the oil company in April last year.

Bridgeport’s independent directors – excluding New Hope chief executive Robert Neil – unanimously recommended shareholders accepted the coal miner’s offer in the absence of a superior proposal.

Bridgeport chief executive Chris Way said the transaction marked a significant milestone for the company.

“The offer from New Hope represents an excellent opportunity for Bridgeport shareholders to realise their investment in Bridgeport at a highly attractive premium to previous capital raisings in times of uncertain global markets,” he said.

“Without this opportunity, Bridgeport’s shareholder would likely be asked to contribute additional capital to fund further exploration and production activities.”

New Hope’s portfolio includes the New Acland Jeebropilly and New Oakleigh open cut thermal coal mines in southern Queensland’s Clarence Moreton Basin and a series of ongoing exploration programs targeting coking, thermal and PCI coal in central Queensland.

Bridgeport is an emerging oil and gas producer with two operating oil fields and three exploration permits in southwest Queensland as well as two onshore exploration permits in Victoria’s Otway Basin.