US focused oil and gas producer, Target Energy Limited reports that there has been a number of bids for a package of US assets it has put on the market.
Earlier this year Target engaged global investment bank Canaccord Genuity as adviser to the divestment of the company’s Fairway Project in the Permian Basinm in Texas, which was subsequedtly upgraded to a larger package of Target assets.
Bids for the combined package were initially due on October 7, and this deadline has now been extended to early November in order to attract additional bids. Target said that in the meantime it continues to evaluate a number of bids, including a cash offer for all properties in the package. That offer was accompanied by a Letter of Intent and remains subject to the bidder securing suitable finance and the receipt of any required regulatory approvals.
Target said the bidder, a private Texas‐based firm, is continuing its due diligence programme while Canaccord and the divesting parties review the bid in detail.
“We are pleased with the progress so far, but as always there is more work to be done.
In the coming days, Target expects to review the bid with our partners and we will seek confirmation as soon as possible that the bidder’s financing is in place,” Target’s managing director, Laurence Roe, said.