After share price of Afren PLC, an Africa-focused oil and gas exploration company, rose around 16 per cent today , the company has issued a statement explaining the jump.
According to Afren, the company has received a “highly preliminary” approach from Nigerian oil and gas company Seplat Petroleum Development Company plc regarding a possible combination with Afren.
However, Afren has said that there can be no certainty that an offer will be made or as to the terms of any offer.
Afren has also said that by no later than 5.00 p.m. on 19 January 2015, Seplat must either announce a firm intention to make an offer for Afren or announce that it does not intend to make an offer for Afren.