UK-based Amerisur Resources has rejected bid overtures from French company Maurel & Prom, saying that the latter’s potential $263m offer undervalued the firm.
Amerisur Resources also said that the offer was not at a level, nor in a form, that merited further consideration.
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The move comes as the company reviews strategic options, including a potential sale through the commencement of a formal sales process as set out by The City Code on Takeovers and Mergers or the farm-out or sale of one or more of its assets.
Amerisur said it plans to conduct a formal review of the various strategic options available to maximise value for shareholders.
Amerisur Resources said in a statement: “Any party wishing to participate in the formal sales process will be required to enter into a non-disclosure agreement with the company on reasonable terms satisfactory to the board and on the same terms, in all material respects, as other interested parties before being permitted to participate in the process.
“Following the execution of such an agreement, the company intends to provide interested parties with information on the company, following which, such parties will be invited to submit proposals to the company.”
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By GlobalDataLast month, the company signed a conditional agreement with Occidental Andina to divest its 50% stake in the Put-8 exploration licence in the Putumayo region of Colombia.
Also known as Putumayo-8, the exploration area lies adjacent to the west of the Platanillo field.
The $19.1m deal is expected to be paid in cash, including local taxes, which has been prepaid by Occidental on the terms that it is refundable in case the divestment is not completed.
Amerisur is an oil and gas company focused on South America, with assets in Colombia and Paraguay.
