Petroleum Africa
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Tuesday, April 29, 2014
It seems there has been some secret bid approaches going on in regards to two independents that operate in Africa, as well as other areas of the globes. Apparently Ophir Energy has approached Premier Oil twice wanting to merge with Premier. The latest all-share merger proposal was unanimously turned down by Premier’s board because, according to reports, Premier considered the offer not to be a good strategic fit.
Commenting on the recent press speculation, Ophir confirmed that it had approached Premier with an indicative proposal to merge the two businesses. The Ophir board believed that merging the two businesses provided the potential to create a well-funded, re-focused, full cycle E&P firm; the proposal was subsequently rejected by the Premier board.
Ophir confirmed that it is no longer considering making an offer for Premier.
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