http://www.upstreamonline.com/hardcopy/news/article173501.ece
Talks over Oilexco acquisition near an end
ERNST&Young was due to complete negotiations today with bidders vying to acquire Oilexco's UK North Sea business, writes Iain Esau .
Industry sources said that privately owned Perenco, Calgary-based integrated Petro-Canada, UK-listed Premier Oil and Abu Dhabi-based Taqa Petroleum were the quartet of companies on Ernst&Young's shortlist although this could not be confirmed.
Previously, the administrator said a deal could be wrapped up next week but it is unclear if this remains the schedule.
An Ernst&Young spokeswoman said the administrator is currently carrying out due diligence and contractual negotiations with interested parties which it aims to conclude by mid-March, and hopes to complete a sale "as quickly as possible thereafter".
Two market sources suggested Taqa, which is 75%-owned by the cash-rich Abu Dhabi government, as the likely high bidder for Oilexco North Sea Ltd.
A source close to the company said "it feels very confident it can grow the organisation" but declined to elaborate.
Taqa's chief executive Peter Baker-Homek said at a conference in October "we look for assets as well as company acquisitions, that are in the $1 billion to $5 billion range".
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