Novus Petroleum Limited 02 - Panel Publishes Reasons

Release number


The Takeovers Panel has today published the reasons for the decision of the Panel in relation to an application (the Application) by Sunov Petroleum Pty Limited (Sunov) dated 19 May 2004 in relation to the affairs of Novus Petroleum Limited (Novus).

The Application alleged that press reports attributed statements to Medco Energi (Australia) Pty Ltd, a wholly owned subsidiary of PT Medco Energi Internasional Tbk (collectively, Medco), or its executives, indicating that Medco would decide whether to increase its bid price by a nominated date, but that Medco had let that date pass without further comment or clarification.

On 21 and 25 May, Medco announced that, among other things, it would increase its bid price from $1.74 to $1.90 per Novus share and that it had secured the financing package required to fund its revised bid. Given these developments, and after consultation with the parties, the Panel decided not to commence proceedings in relation to the Application. Details of the Panel’s decision was announced on 27 May 2004 in Panel media release TP04/42, available on the Panel’s website at: Media Releases.

The Panel was Nerolie Withnall, Jennifer Seabrook and Teresa Handicott.

The reasons of the Panel in the Proceedings are available on the Panel’s website at: Decisions.

George Durbridge
Director, Takeovers Panel
Level 47, 80 Collins Street
Melbourne, VIC 3000
Ph: +61 3 9655 3553