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Suitors begin to circle Anzon



By Upstream staff 

Anzon Australia has said it will open its books to a shortlist of potential bidders after receiving a number of takeover approaches.

Anzon, which has a market capitalisation of about A$611 million ($513 million), said its advisers had found a number of potential suitors but all offers received so far were conditional.

"Anzon has identified a shortlist of interested parties who will be provided with access to certain due diligence material and who will be invited to provide further information on their possible offer or proposal," the company said in a statement.

Anzon has not identified the potential bidders, although analysts have said Nexus Energy is a likely suitor, Reuters said.

Anzon has seen its market value jump more than tenfold since listing in December 2004.

Its key producing asset, the Basker Manta Gummy oil project, has estimated proved and probable reserves of about 40 million barrels of oil, 380 petajoules of gas and about 90 million barrels of condensate.

Anzon, operator of the project, has estimated the field to have a lifespan of up to 15 years.


Monday, 17 September, 2007, 08:04 GMT  | last updated: Monday, 17 September, 2007, 08:04 GMT

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