Etablissements Maurel & Prom S.A. (ENXTPA:MAU) made an initial proposal to acquire Amerisur Resources plc (AIM:AMER) for approximately $200 million on July 18, 2019. Maurel & Prom is indicating that the offer would be to acquire the entire issued and to be issued ordinary share capital of Amerisur for a consideration of cash and Maurel & Prom shares valuing each share in Amerisur at 17 pence. The consideration was to comprise 12.5 pence in cash, and new shares in Maurel & Prom with a value of 4.5 pence, per Amerisur share. The exchange ratio is 0.017 Maurel & Prom shares (and 12.5 pence in cash) for each Amerisur share. If the possible offer includes a share component and is successful, it is Maurel & Prom's intention to seek a listing on the standard segment of the London Stock Exchange's Main Market within 3-6 months, subject to: (i) satisfying the relevant eligibility criteria; (ii) obtaining any necessary approvals; and (iii) market and trading conditions (including any regulatory changes due to Brexit). The cash component of the possible offer would be funded by Maurel & Prom's existing cash resources and available undrawn facilities. Deal remains conditional on satisfactory completion of customary due diligence requiring the engagement of Amerisur management. The offer would be subject to any requisite anti-trust or regulatory approvals and other customary conditions. Samuel Merlin, Fergus Marcroft and Ernest Bell of Hannam & Partners (Advisory) LLP acted as financial advisors for Maurel & Prom. Jeremy Low, Tom Hughes, Tom Rider and Neil Elliot of BMO Capital Markets acted as financial advisors for Amerisur Resources. Chris Sim of Investec acted as financial advisor and Tejas Padalkar of Investec acted as broker for Amerisur Resources. Paul Shackleton and Dan Gee-Summons of Arden Partners plc acted as financial advisors for Amerisur Resources. Billy Clegg and Kimberley Taylo of Camarco acted as financial advisors for Amerisur Resources. Stifel Nicolaus Europe Limited acted as broker for Amerisur Resources.

Etablissements Maurel & Prom S.A. (ENXTPA:MAU) cancelled the acquisition of Amerisur Resources plc (AIM:AMER) on July 22, 2019. As of July 22, 2019, Amerisur Resources plc rejected the bid as the offer price is undervalued.