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LONDON (Alliance News) - Afren PLC Friday said the UK Takeover Panel has granted an extension to the deadline by which SEPLAT Petroleum Development Company PLC must say whether it intends to make a firm takeover offer for Afren or walk away.
SEPLAT, the Nigerian oil and gas exploration and development company, made a "highly preliminary" approach for Afren late last year, but the latest extension marks the second time that talks have continued past a deadline. A previous deadline of January 19 had been extended to Friday January 30.
The new deadline of February 13 at 1700 GMT can also be extended with the consent of the Takeover Panel.
FTSE 250-listed Afren's shares are trading up about 29% at 5.41 pence on Friday, having dropped sharply in recent months. The stock has fallen 88.6% so far in 2015, and was trading at about 150 pence a year ago.
The company has been hit by the falling oil price, poor results from Barda Rash field in the Kurdistan region of Iraq, as well as a payments scandal which eventually resulted in the sacking of its former chief executive and chief operating officer last October.
Earlier this week, Afren began talks with a committee of bondholders and warned that it will require equity funding beyond its market capitalisation if its debt structure remains as is.
"There can be no certainty that an offer will be made or as to the terms of any offer," Afren said in its statement Friday.
SEPLAT shares were down 1.7% at 119.88 pence on Friday.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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