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Wessex out of offer period after Total withdraws
Posted 12.04.2012 11:33:09 av John Bradbury
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London-listed Wessex Exploration is no longer under threat of a takeover after Total signalled that it is not prepared to pursue a bid for the company.

Wessex signalled today that it is no longer in a formal “offer period” after the French oil major said it was not prepared to proceed with its offer which was based on 10 p per share for the Alternative Investment Market listed company.

Wessex said the Total offer was inadequate, and under-valued the company, after initial shareholder consultations.

Total declared today: "Further to the announcement on 19 March 2012, Total announces that it is no longer exploring an offer for all of the issued and to be issued share capital of Wessex Exploration plc."

Apart from on and offshore assets in the UK, Wessex is also a minority equity owner in the forthcoming exploration campaign on the play-opening Zaedyus discovery offshore French Guiana, South America.

“Wessex confirms that, having raised £12m (gross) of additional funding in November 2011, the company is fully funded for all current requirements, including participation in a further Zaedyus appraisal well and at least one additional well,” the UK company stated today.

Operator Shell has contracted Stena Drillmax ICE drill-ship for the Zaedyus appraisal campaign which is due to kick off mid-year this year.
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