01 May 2014, News Wires – Asia-focused UK junior enters formal sale process after buyer interest
The UK’s Salamander Energy has entered a formal sale process after receiving initial expressions of interest on buying the Asia-focused explorer.
The London main market-listed company said that the move came after it sought to sell its Bualuang oil field off Thailand and Kerendan gas field off Indonesia.
Salamander Energy said that in addition to seeing “a number of preliminary and conditional expressions of interest” on acquiring part or all of the two assets, it had also received “a small number of preliminary and conditional approaches” to buy the entire share capital of the company.
London’s City Code on Takeovers and Mergers allows the company’s board to have confidential talks on such a transaction providing it enters the formal sale process, which is being run by Goldman Sachs.
The London-headquartered explorer said it may complete the review of would-be bids as soon as “in the coming weeks”, adding there was no guarantee of any deal.
Shares in Salamander Energy were trading up just under 9% at £1.46 on Thursday morning in the wake of the announcement.