But the company, which now holds 76.8% of Magellan Petroleum Australia Ltd (MPAL), has now waived the only defeating condition on the offer.

Previously, the offer of seven newly-listed Magellan common stock for each 10 outstanding MPAL shares was conditional on Magellan acquiring a 90% stake before the closing date.

However, the company still needs to own 90% of the affiliate before the offer closes on April 21 to acquire all of the shares in MPAL by way of a compulsory acquisition process.

Magellan said it has received acceptances for more than 48% of the shares it is bidding for, including those from MPAL’s two largest minority shareholders, Origin Energy and Paradice Investments.

While Magellan Petroleum still needs to convince more shareholders to approve the deal, chairman Walter McCann said the 76.8% holding was a good result.

“The impressive level of acceptances received provides a clear and compelling argument that comparing relative market values of Magellan and MPAL is valid and important,” he said.

The offer values MPAL’s 14.7 million outstanding shares at $A37.7 million, based on Magellan’s closing share price of $US1.93 at the time the offer was made last October.