(MENAFN- ProactiveInvestors) () has told investors that it has received a takeover approach from Nigerian oil company SEPLAT Petroleum Development Company.
As ’s London quoted shares advanced as much as 20% on Monday the company confirmed in a stock market statement that it had received the “highly preliminary” approach regarding the possible combination of the businesses.
No possible transaction terms were given and the statement came with the customary warnings that “there can be no certainty that an offer will be made”.
The shares spiked initially as the statement was released and a little over an hour later the share was up 3.7p 8% trading at 51p each.
was this month recognised by Nigeria’s president Goodluck Jonathan among the 100 companies deemed by the government as “custodians of the Nigerian economy”.
The London listed firm has interests in seven Nigerian oil blocks three of which involve production activities. Also has a broad portfolio of interests in Africa as well as the Kurdistan region of Northern Iraq and an exploration venture in the Seychelles.
It currently operates with an interim management team following the departure of senior directors earlier this year.
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