BRISTOL, UK – Total has opted not to pursue its proposed acquisition of UK-based independent Wessex Exploration.
Wessex has a minority interest in the recent Zaedyus oil discovery off French Guiana, where Total is also a partner. The Wessex board believes Total’s offer undervalues the company.
Currently, Wessex remains fully funded for participation in a further Zaedyus appraisal well and at least one additional well. The Stena DrillMax ICE drillship should start operations in mid-2012.