Wonder if NWOG will venture into the Caspian region?
AP
Transmeridian May Sell Field or Company
Monday April 16, 4:44 pm ET
Transmeridian Gets Preliminary Interest in Sale of South Alibek Field or Company; Shares Rise
HOUSTON (AP) -- Independent energy company Transmeridian Exploration Inc., which acquires and develops oil reserves in the Caspian Sea, said Monday it has received unsolicited preliminary expressions of interest in a sale of its South Alibek field in Western Kazakhstan, or the company in its entirety.
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Transmeridian also said it has retained Jefferies Randall & Dewey, a division of Jefferies & Company Inc., as a financial adviser for a review of strategic alternatives for its South Alibek field.
Transmeridian Exploration shares gained 13 cents, or 4.7 percent, to close at $2.92 on the American Stock Exchange. The stock has ranged from $2.16 to $7.25 over the past year. The stock has not closed above $3 since the company announced it will consider strategic alternatives on March 15.
The company said Jefferies Randall & Dewey will help prepare a technical evaluation that will be provided to selected interested parties by late May. Transmeridian Exploration plans to solicit transaction proposals four to six weeks after the release of the data.
President and Chief Executive Lorrie T. Olivier said the company is considering strategic alternatives because it believes share price does not reflect the full value of its investment in the South Alibek field.
Transmeridian Exploration said there is no guarantee that the review of strategic alternatives will result in any agreements or transactions. The company said it will not disclose further developments regarding the review until the board has decided on a course of action.
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