Russia-focused oil firm Exillon says it will extend the deadline for a takeover bid from its former chairman until next month.
Maksat Arip, who is the company’s largest shareholder, launched talks over an offer for the company at the end of last month.
Arip was previously chairman of the company between November 2009 and April 2011, overseeing its December 2009 stock market floatation.
Under stock market rules he had until 5pm today to state whether or not he would make a formal offer for his former company.
But Exillon, which today posted a significant profits rise for the first half of 2013, said it had agreed to extend the deadline to 5pm on September 24.
However, it noted in a statement that “there can be no certainty that an offer will be made for the company, nor as to the terms on which any offer may be made”.
Profits rose to $7.9million for the first half of the year, compared to a $1.7million loss over the same period last year.
Production at the company increased 35% to 2.83million barrels, a raise to an average of 15,621 a day.
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