Ophir Energy Plc offered to buy Salamander Energy Plc for 267 million pounds ($419 million) in order to expand in southeast Asia, according to Reuters. The acquisition would give Ophir an oilfield already in production off Thailand's coast and a gas development in Indonesia.
Reuters says that the offer is conditional on Salamander canceling its deal with Malaysia's Sona Petroleum Bhd to sell 40% of two oil and gas blocks in the Gulf of Thailand.
A consortium led by Spain's Compañía Española de Petróleos (CEPSA) had been considering making an offer of 121 pence in cash and one contingent value right of up to 24 pence per share for Salamander, Reuters notes. However, the consortium has apparently decided not to proceed, leaving the way clear for Ophir.