Transmeridian Exploration to review acquisition proposals as part of sales process

By Lisa Kerner

Charlotte, N.C., June 18 - Transmeridian Exploration Inc. said it has received "multiple expressions of interest" from potential acquirers and entered into confidentiality agreements with selected parties as part of its ongoing strategic sales process.

The company completed its technical evaluation, including a detailed reservoir simulation model undertaken by Computer Modeling Group Ltd., that will be provided, along with other company information, to selected parties in late June.

Transmeridian's board has formed a special committee to review acquisition proposals in conjunction with Jefferies Randall & Dewey, a division of Jefferies & Co., Inc.

The company said it cannot predict whether this effort will result in a completed transaction, nor can it supply a timeline for an acquisition to close. Transmeridian will not disclose further developments in its sales process unless a decision has been made regarding a specific course of action.

On April 17, the Houston-based independent energy company announced it had retained a financial adviser to assist in the review of strategic alternatives for its South Alibek field in western Kazakhstan.

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