The British exploration group Greenwich Resources has made an agreed £5.1 million sterling bid for MMS Petroleum, the Irish-registered and AIM-quoted company with oil and gas exploration interests in Romania and Bulgaria.

Greenwich is offering seven of its own shares for every three MMS shares, an offer that values MMS shares at 42p sterling. This compares with the MMS price in the market of 25p sterling. MMS directors who own 10.7 per cent of the company's shares have already given irrevocable acceptances to the Greenwich offer.