01:23 Fri 22 Mar 2019
Coro Energy PLC - Announcement by Ophir Energy plc
("Coro" or the "Company")
Announcement by Ophir Energy plc
As noted in the Announcement, Coro did enter into discussions with Ophir regarding a possible offer, based on a proposal that Ophir shareholders receive
Coro saw in Ophir a clear strategic fit with Coro's ambitions in
In light of the confirmation of certain irrevocables being given to the offer put forward by
Whilst Coro is disappointed that it has not been able to proceed with its offer for Ophir, the Company believes that the pursuit of such transactions demonstrates its ambitions to grow its business rapidly and in line with a strategy to create a mid-tier gas player in
"While this initiative did not ultimately deliver the result we wanted, we were able to rapidly evaluate the opportunity and put together a proposal that we believe made sense for shareholders of both companies. This process has been an important milestone for Coro in assembling the firepower, in terms of both human and financial resource, needed for a small company to take on a significant transaction of scale and we will continue to look for opportunities that makes sense for our investors and where we see genuine value creation potential.
In the meantime, we are focussed on delivering value from our existing assets in
For further information please contact:
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| | Tel: 44 (0)20 3965 7917 |
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| | Tel: 44 (0)20 7383 5100 |
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Harrison J Clarke | | |
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Patrick d'Ancona | | Tel: 44 (0)20 7390 0230 |
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| | Tel: 44 (0)20 3167 7221 |
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| | Tel: 44 (0)20 3621 4120 |
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