INVESTORS in Salamander Energy were left disappointed yesterday after the Aim-listed oil explorer took itself off the block.
The Asia-focused firm was not satisfied with the offers it received and instead chose to sell a 40 per cent stake in the Greater Bualuang oil field in the Gulf of Thailand to Sona Petroeum, in a $280m (£164m) deal that will return $50m to shareholders.
“This has come as a major disappointment to the market place especially those who had expected a bid at a price nearer to 200p a share,” said oil and gas analyst Malcolm Graham-Wood.
Charles Jamieson, chairman of Salamander, said that the Sona transaction “represents the best outcome for shareholders and the wider group”.
Salamander’s London-listed shares closed 6.1 per cent lower at 119.5p.