Further to recent press speculation, Ophir Energy has confirmed that it recently made an approach to the Board of Premier with an indicative proposal to merge the two businesses.
The Ophir Board believed that merging the two businesses provided the potential to create a well-funded, re-focussed, full cycle Exploration and Production company. However, the proposal was subsequently rejected by the Premier Board.
Ophir confirms that it is no longer considering making an offer for Premier.
As a result of this announcement, Ophir will, except with the consent of the Panel, be bound by the restrictions contained in Rule 2.8 of the Code. For the purposes of Rule 2.8 of the Code, Ophir reserves the right to make or participate in an offer for Premier (and/or take any other action which would otherwise be restricted under Rule 2.8 of the Code) within the next six months following the date of this announcement in the circumstances set out in Note 2 on Rule 2.8 of the Code.