Lochard calls off sale talks

Curtain down: on Lochard deal talks

CAROLINE CRACK

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Steve Marshall

, Steve Marshall

 07 November 2011 12:11 GMT

UK-focused Lochard Energy Group has terminated talks with a potential buyer, the company said.

The AIM-listed player’s shares dropped about 5% on Monday after the announcement, which followed a preliminary approach for the company made on 1 September.

“Although no offer was made, the board decided that the indicative proposal did not reflect a fair valuation of the company”, given the value of its appraisal and exploration portfolio, Lochard said in a statement.

The Australian company is looking to gain near-term production revenue from the Athena field off the UK, which is expected to come online next month, while it is also aiming to lure farm-in partners…

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