Amerisur in sale talks with 'multiple' parties

South America-focussed oil and gas producer and explorer Amerisur Resources updated the market on the strategic review and formal sales process it entered into on 19 July on Friday.

The AIM-traded company said it had conducted a “thorough process” to date, including the provision of large amounts of data to interested parties and their advisors through virtual and physical data rooms, and management presentations in Bogota, Colombia.

It said multiple well-funded parties were engaged in the process.

The company confirmed it had issued revised bidding instructions to interested parties, inviting firm proposals to acquire the entire issued and to be issued share capital of the company.

“The bidding instructions make clear that proposals should include confirmation that any potential bidder is in a position to comply with the requirements of the UK Takeover Code relating to Cash Confirmation - Rules 2.7(d) and 24.8,” the board said in its statement.

Amerisur said it was seeking to conclude the formal sales process in the fourth quarter.

“Further updates will be provided in due course.

“Shareholders are encouraged to take no further action with regard to their shares.”