Transmeridian Reports on Status of Strategic Sales Process
Transmeridian Exploration Inc. on Monday said that it is continuing with its previously announced plan to obtain proposals for the acquisition of the Company or its South Alibek field.
The Company has received multiple expressions of interest from potential acquirors and entered into confidentiality agreements with selected parties. It has completed its technical evaluation, including a detailed reservoir simulation model undertaken by Computer Modeling Group Limited, and this confidential data, along with other information about the Company, will be provided to these selected parties in late June.
In connection with this process, the Company's Board of Directors has formed a Special Committee composed of Messrs. Carter, Haasbeek and Rupf to review acquisition proposals with the Company's financial advisor and ultimately, if appropriate, make a recommendation with respect to a transaction to the full Board. However, the Company cannot predict whether this effort will lead to completion of a transaction or if so, the approximate time it would take for an acquisition to be closed.
Transmeridian does not currently intend to disclose further developments with respect to the strategic sales process unless and until its Board of Directors has made a decision regarding a specific course of action.
Transmeridian Exploration Inc. is an independent energy company established to acquire and develop oil reserves in the Caspian Sea region of the former Soviet Union. The company primarily targets fields with proved or probable reserves and significant upside reserve potential. Transmeridian Exploration currently has projects in Kazakhstan and southern Russia and is pursuing additional projects in the Caspian Sea region.
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