Verenex Continues to Seek Acquisition Approval from Libya's NOC
Verenex reports that, as previously announced, the proposed acquisition of Verenex by a wholly-owned subsidiary of CNPC International Ltd.
("CNPCI") is subject to the consent of the Libyan National Oil Corporation (the "NOC") in the form contemplated by the acquisition agreement between Verenex and CNPCI dated February 24, 2009.
A term of the consent is that the NOC waive any pre-emption rights or rights of first refusal which it may have in respect of such acquisition. Verenex has requested this consent from the NOC but no formal decision has yet been communicated to the Company. Verenex understands that the NOC has stated it is considering its alternatives, including an acquisition of Verenex on the same terms as those proposed by CNPCI. Verenex continues to seek consent from the NOC for the acquisition by CNPCI.
- NOC: Libya Needs A Week To Repair Blown-Up Oil Pipeline (Dec 27)
- Engineer: Libya's Sharara Oilfield Still Shut Due To Action By Armed Brigad (Oct 03)
- Libya Oil Output Drops to 5-Month Low on Biggest Field Halt (Oct 02)
Company: Verenex Energy more info
- Marathon Struggles to Exit Libya as Unrest Grows (Oct 25)
- Verenex Completes Arrangement with Libyan Investment Authority (Dec 21)
- Verenex Updates on Acquisition Status (Dec 15)
Company: CNPCI more info
- CNPCI Calls Off Verenex Acquisition Agreement (Sep 08)
- Libya to Move on CNPC-Verenex Oil Deal (Jul 13)
- Verenex Holds Pow-Wow with Libyan Authorities for Change in Control (Jun 22)