Image courtesy of Sten Dueland/Flickr.

A bid made by an unnamed investor for a 30 percent stake in Norway-based oil and gas explorer Rocksource failed Wednesday.

All shares offered for the sale will be returned, Reuters said.

Brokerage firm Arctic Securities was managing the buy. It said in a statement filed on the Oslo Stock Exchange that the purchase “was an all or nothing order.”

The bidder wanted to buy 29.5 million shares for $0.97 (NOK 6) per share, 64 percent above the stock’s previous closing price.

The full amount of shares could not be secured and the purchase could not close.

All sale order shares will be released without further compensation to the shareholders.

Rocksource is an oil and exploration company focused on the Norwegian Continental Shelf where it holds over 20 licenses.

The company has acreage in the North Sea, the Norwegian Sea, the Barents Sea, the UK Continental Shelf and the Gulf of Mexico.


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