Maurel & Prom approaches Ophir and Tullow regarding potential merger
Etablissements Maurel & Prom (EPA:MAU), the France-based oil-exploration group, has approached rivals including UK-headquartered Ophir Energy (LON:OPHR) and Tullow Oil (LON:TLW) to discuss a potential consolidation deal, The Irish Independent reported.
Prospective buyers have been informally contacted regarding possible combinations which would enable Maurel & Prom to increase its scale and cut costs at a time when oil prices have hit almost a six-year low, according to individuals familiar with the situation.
Maurel may still opt to retain its independence and a sale is not a foregone conclusion, the sources cautioned.
Neither Tullow, Ophir nor Maurel wished to comment, the item reported.
The report noted that yesterday, 15 December, Maurel increased its takeover offer for the France-based energy company MPI Energy (EN:MPI) in an attempt to lower taxes and costs and position itself more advantageously.
Irish Independent