Press Speculation on Bid Approach Candidates

There has been speculation in the press as to the identity of who has approached Emerald Energy with a potential bid.

These include:

UPI suggesting one or both of Sinopec and CNOOC

http://www.upi.com/Energy_Resources/2009/07/14/Takeover-bid-for-Emerald-Energy/UPI-11291247589639/

In today's Telegraph there was a small piece where it was suggested Cazenove analysts believe it is a consortium consisting of a Chinese company and OGNC:

http://www.upi.com/Energy_Resources/2009/07/14/Takeover-bid-for-Emerald-Energy/UPI-11291247589639/


Sinopec "has form" acquiring companies with interests in both Colombia and Syria.

The first is in a consortium with OGNC acquiring Ominex in 2006. Ominex had operations in Colombia:

http://www.ibtimes.co.in/articles/20061206/ongc-sipc-oil-colombia-ominex-acquisition.htm

and this link which gives a better insight into the valuation:

http://www.financialexpress.com/news/ovlsinopec-pay-800-m-for-50-in-omimex/174353/0

Sinopec also took over Tanganyika last year which had "heavy oil" operations in Syria:

http://www.chinadaily.com.cn/bizchina/2008-09/28/content_7067375.htm

Of course Sinopec has also recently agreed a takeover of Addax which had operations over the border in the Kurdistan region of Iraq:

http://www.theglobeandmail.com/globe-investor/sinopec-agrees-to-buy-addax-for-8-billion/article1194761/