Wessex Exploration says it is in talks to acquire Far East oil and gas interests.
The prospective offshore asset could commence production in the near-term and it will come with cash to finance contractual drilling costs. The acquisition will be paid for with shares and an experienced and well-known management team will come on board as well. Discussions are described as advanced.
The general meeting requisitioned by former managing director and founder Frederik Dekker and Milroy Capital, which is designed to remove the current directors from the Wessex board, has been convened for 15 May. The acquisition will not go ahead if the resolutions are successful.
At the end of March 2014, there was £2.15m in the bank.
At 0.59p a share, Wessex is valued at £4.27m.
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