(Alliance News) - Takeover target Amerisur Resources PLC on Thursday said "multiple" parties are interested in the firm ahead of meetings in the coming weeks.
Amerisur started a strategic review in July, including a possible sale, after receiving interest from peers in a buoyant Colombian oil and gas market. It has since rejected a USD260 million proposal from French firm Etablissement Maurel & Prom SA.
Maurel & Prom offered 17.0p per Amerisur share. Shares were 1.5% lower on Thursday at 17.14p, having declined 72% over the past five years.
Multiple parties are interested, Amerisur said on Thursday, and it will be meeting with suitors "in the coming weeks" in the Colombian capital of Bogota.
Amerisur also reported interims on Thursday, reporting average production for the six months to June of 5,552 barrels of oil per day, 4% higher than a year before following "stable" performance at its Colombian fields.
Current oil production stands at around 6,900 barrels per day, Amerisur said, and it expects to be at the top end, or beat, its 2019 guidance range of 5,000 barrels to 6,000 barrels of oil per day.
However, lower oil prices and oil sales led to a 21% decline in revenue to USD53.8 million, and pretax profit has dipped 65% to USD4.4 million.
Chair Giles Clarke commented: "The first half of 2019 delivered important corporate milestones. These included first oil from Indico, approval of the transformational farm out of acreage with Occidental and starting transportation of third party oil through the OBA pipeline.
"This reliable low cost export route has positive implications for development of the Putumayo basin with the potential to be a material source of additional revenue for the company. We end the period with a robust net cash position of USD46 million."
"For the remainder of the year, we remain focused on building production to the top end of guidance, appraising the Indico field and progressing the competitive formal sales process in order to maximise value for all shareholders," Clarke continued.