Ophir Energy submits offer for Salamander Energy

British oil and gas explorer Ophir Energy has offered to purchase Salamander Energy for £267m to expand in southeast Asia.

News emerged on 14 November that a consortium led by Spain's Compania Espanola de Petroleos (CEPSA) had been considering making an offer of 121p in cash and one contingent value right of up to 24p per share for Salamander.

However, on Monday, CEPSA said the consortium had decided not to proceed, thus leaving the way clear for Ophir, which would give the firm the opportunity to take over an oilfield already in production off Thailand's coast as well as a gas development in Indonesia.

Ophir's offer of 0.571 shares for every Salamander share values Salamander at £266.9m, based on Ophir's closing price of 180.1p on Thursday.

The offer, however, remains conditional on Salamander cancelling its deal with Malaysia's Sona Petroleum Bhd to sell 40% of two oil and gas blocks in the Gulf of Thailand.

On Friday, Ophir shares closed 5.61% down at 170.00p.