Africa-focused Ophir Energy confirmed it had been rebuffed in a recent takeover offer for UK independent Premier Oil. Ophir, which has assets across both West and East Africa, has been seeking to acquire a company with production to help cash flow and reduce risk. It said it approached the Premier board with an indicative proposal and it "...believed that merging the two busi- nesses provided the potential to create a well-funded, re-focused, full cycle exploration and production company. However, the proposal was subsequently rejected by the Premier board."
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