Petroleum Africa
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Tuesday, November 4, 2014
Ophir Energy is on the take over hunt and has been in discussions with Salamander Energy toward that end. Ophir confirmed that it had sent a letter to the board of Salamander the proposed terms of its possible share exchange offer for the entire issued and to be issued share capital of Salamander.
While Ophir believes there is a compelling strategic logic for the combination of the two companies, Ophir will remain an exploration-led upstream company. By selectively re-investing cash flow from Salamander’s current production, Ophir plans to develop the combined business in order to generate material cash flow and funding towards Ophir’s proven business model, that of continued monetization of exploration/appraisal success.
However, Ophir is not the only firm interested in Salamander; a consortium led by Cepsa is circling the company also.
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