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Spain's Cepsa threatens to revise or pull Salamander Energy bid

A consortium led by Spanish oil giant Cepsa has hinted it could revise or pull a £375m takeover approach for Salamander Energy after the south east Asia-focused oil explorer unveiled details of the bid.

Salamander also revealed that the consortium had made its deal conditional on the oil explorer dropping the planned sale of a stake in its Bualuang field to Sona Petroleum Berhard.

Salamander has also already received an approach from Ophir Energy.

Cepsa said in a statement on Monday that Salamander had made its statement without the consortium's consent.

"The CEPSA consortium continues to consider its position regarding a possible offer for the company and the terms and conditions of any such offer, including any pre-conditions to making any such offer," it said.

"The CEPSA consortium may decide not to proceed with an offer and accordingly there can be no certainty that an offer may be forthcoming.

"Any offer, if made, could be on different terms to those stated in the announcement of Salamander of 14 November 2014."

Shares in Salamander fell 4.75p or 4.1% to 112.25p at 08:48 in London.

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Published on:
November 17, 2014
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