Amerisur Resources (AMER) , the Colombian oil and gas operator with extensive acreage in the Putumayo Basin, urged investors to hold their shares until the completion of its formal sales process which it started in July.
The company put the company up for sale after receiving interest in the company and its assets from “other industry participants”, sparking it to begin a strategic review and formal sales process.
The company rejected a USD260 million proposal from France's Etablissements Maurel & Prom SA in July. The company was valued at approximately £230 million on Friday.
Shares were trading 7% higher at 17p each late afternoon Friday. Shares in Amerisur in 2014 were trading as high as 64.5p.
The company told investors that multiple parties have signed a confidentiality agreement and are participating in the formal sales process.
By participating the companies interested have access to confidential due diligence and to Amerisur management.
Amerisur told investors that it will provide further updates as appropriate and are reviewing a way to maximise value for shareholders.
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