(Reuters) - North Sea-focused Ithaca Energy Inc  (>> Ithaca Energy Inc.) said it would acquire Valiant Petroleum Plc (>> Valiant Petroleum plc) for 203 million pounds in cash and shares.

Valiant shareholders will get 307 pence in cash and 1.33 Ithaca share for each Valiant share.

The offer represents a premium of 37 percent to Valiant's Thursday close on the London Stock Exchange.

British oil and gas company Valiant Petroleum, which has had a dismal exploration performance in 2012, said in September it was considering selling itself.

(Reporting by Karen Rebelo in Bangalore; Editing by Don Sebastian)

Stocks treated in this article : Ithaca Energy Inc., Valiant Petroleum plc