Maurel 038; Prom denies IOC 128;2.3 bn offer

Earlier, it was reported that IOC had offered 22 euros per share for a 40 per cent stake in the French oil company.

The company also denied having solicited bids from potential buyers.

The group said that while it has 8216;8216;recently received several signs of interest8217;8217; from unnamed groups, these are too vague to justify a need to notify the market.

8216;8216;Maurel 038; Prom indicates that it has recently received several marks of interest, which have not been considered meaningful and as such did not warrant a communication to the market. Furthermore, the company ascertains that no exclusivity rights have been granted,8217;8217; the statement said.

The company termed as 8216;8216;groundless8217;8217; claims that Maurel 038; Prom and IOC were to sign a share purchase agreement on January 28.

It was reported that the French firm was asking for 2.8 billion euros 26 euros per share.

The mid-size exploration and production firm has 255.9 million barrels of recoverable reserves and potentially achievable 345.8 million barrels.

The acquisition would have provided IOC 3.24 million tonnes of crude oil in 2006, 3.61 million in 2007 and about 3 million tonnes each year thereafter.