Salamander Confirms Receiving Ophir's Takeover Proposal
Salamander Energy Plc (Salamander or the Company) noted Monday the recent press speculation and confirmed that it has received a conditional proposal from Ophir Energy plc (Ophir) with respect to a potential offer for the Company, the terms of which Salamander is seeking to clarify. In addition, the Company is also in receipt of an approach from a consortium led by Compania Espanola de Petroleos (CEPSA) and Jynwel Capital (the CEPSA Consortium). The Board of Salamander has not received the detail of the CEPSA Consortium's proposal or confirmation that any offer will be forthcoming.
The proposals from Ophir and the CEPSA Consortium are subject to a number of conditions, including due diligence and the receipt of a unanimous recommendation from the Board of Salamander.
The Company is currently in discussions with both Ophir and the CEPSA Consortium in relation to their respective proposals. However, there can be no certainty that any offer will be forthcoming, or as to the terms of any such offer. Accordingly, shareholders are advised to take no action at this time.
In accordance with Rule 2.6(a) of the City Code on Takeovers and Mergers (the Code), each of Ophir and the CEPSA Consortium is required, by no later than 5:00 p.m. on Nov. 24, to either announce a firm intention to make an offer for Salamander in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. The deadline can be extended with the consent of the Takeover Panel (the Panel) in accordance with Rule 2.6(c) of the Code.
This announcement has been made without the consent of Ophir or the CEPSA Consortium.
Update on SONA Transaction
Salamander announced July 21 the signing of an agreement under which Sona Petroleum Berhard (SONA) would acquire an effective 40 percent working interest in the B8/38 concession (containing the Bualuang oil field) and the surrounding G4/50 concession, both located in the Gulf of Thailand (together the SONA Transaction).
Subject to the outcome of the ongoing discussions described above, the board continues to believe that completion of the SONA Transaction is in the best interests of shareholders.
View Full Article
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Sona Petroleum Scraps Plans to Buy Stake in Salamander's Thai Assetss (Jan 14)
- Sona Clings on to Fading Hopes of Acquiring Thai Assets from Salamander (Nov 26)
- Salamander Backs Ophir Takeover Offer (Nov 24)
Company: Ophir Energy more info
- Equatorial Guinea LNG Project Stumbles As Schlumberger Quits (May 31)
- Ophir Energy Cuts Cost; Eliminates Staff (Jul 12)
- Tanzania Laws Would Allow Govt to Tear Up Mining, Energy Deals (Jun 29)