16th Oct 2013 11:30
LONDON (Alliance News) - Exillon Energy PLC Wednesday said it will conduct a strategic review of its options, after it formally put itself up for sale last month.
The Russian oil producer said interested parties now have entered into non-disclosure agreements with the firm and have commenced due diligence.
Exillon said that during this phase of the process, potential bidders will receive access to a data room and will have opportunities to discuss and visit its operations with the management team.
Interested bidders then will be invited to submit their proposals to Exillon under the terms of the formal sale process.
Exillon said it will provide a further update on the expected timetable for the formal sale process in due course, but the company currently expects to receive proposals ahead of the Christmas period.
The stock was trading up 2.50 pence at 208.50 pence Wednesday midday.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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