(Alliance News) - Amerisur Resources PLC on Friday said it intends to conclude its previously announced formal sale process in the fourth quarter of 2019.
The South America focused exploration company in July had said it would embark on a strategic business review, including a potential sale. It also revealed a non-binding proposal for the company and separate proposals for certain assets.
The company's main assets are in the Putumayo basin of Colombia, and it also has an oil pipeline into Ecuador. The firm's 12 blocks cover over 1.0 million hectares of land.
Amerisur Resources on Friday said it has conducted a thorough sale process to date, providing large amounts of data to interested parties and making several presentations.
The company has also issued revised bidding instructions to clarify that any potential bidder should be in a position to comply with UK takeover rule requirements.
Amerisur Resources shares were up 0.3% at 17.56 pence each in London on Friday morning.
By Tapan Panchal; tapanpanchal@alliancenews.com
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