French oil giant Total has walked away from its proposed takeover of Wessex Exploration, the Bristol-based hydrocarbon prospecting company.
Total made the £71m cash offer to buy Wessex last month although the Bristol-based firm then subsequently snubbed the approach, following shareholder consultation, saying the 10p a share offer undervalued the company.
Wessex led by chairman David Bramhill, the veteran Bristol oil industry entrepreneur, said today it is fully funded for all its current requirements including participation in a Zaedyus appraisal well in addition to a second well, to explore the potential new hydrocarbon frontier which was established with the initial discovery.
Total is one of three major oil companies partnered in the Guyane venture that made the large Zaedyus oil discovery last year.
Wessex owns a 1.25% interest in the venture.
