Oil producer Capricorn Energy confirmed on Tuesday that it had received multiple proposals from Dragon Oil for the potential acquisition of its Western Desert assets.
Capricorn did not disclose the proposed terms, nor immediately respond to Reuters’ queries for additional details.
The UK-based firm said the latest proposal did not reflect the value of the assets. Capricorn also confirmed that it had not received any proposal from Dragon Oil to acquire the company itself.
The company earlier this month received multiple non‑binding takeover proposals from Alamadiyaf al-Masiyyah, an investment vehicle affiliated with the Cafani Group, for a possible all‑cash deal.
The Cafani Group is a privately owned Saudi investment firm based in Jeddah.
Capricorn said it was seeking clarity on the Saudi group’s funding arrangements and that discussions were ongoing.
Its board had evaluated the possible offer with its financial and legal advisers and had granted Alamadiyaf al-Masiyyah due diligence access, Capricorn said.
Source: Reuters.com