29th Mar 2016 07:09
LONDON (Alliance News) - Cadogan Petroleum PLC Tuesday confirmed it has made a "highly preliminary approach" to potentially combine the company with fellow London-listed firm Ascent Resources PLC, but stressed there is no guarantee a deal will be signed.
Ascent said it had received a preliminary takeover approach from Cadogan late last week, and also said the approach may or may not lead to a firm offer being made.
Cadogan has until April 21 to make a firm offer or walk away from the deal under UK takeover rules.
Cadogan currently has working interests in 11 licence areas covering 14 fields in Ukraine, the most notable of which include the Pirkovskoe, Pokrovskoe, Zagoryanska and Bitlyanska licenses. Ascent only has one asset at present, the Petsovci project in Slovenia.
By Joshua Warner; [email protected]; @JoshAlliance
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