Sunov makes clearer intention to raise bid for Novus

Sunov Petroleum on Monday make clearer its intention to raise off-market take over bid to acquire Australian oil, gas firm Novus Petroleum Limited after the company urged Novus shareholders not to take action against rival PT. Medco Energi ?s offer until Sunov had advised the market about its response to Medco?s offer.

?Sunov continues to consider the price and the terms of its offer. Sunov remains committed to the acquisition of Novus on appropriate terms and intends to provide a further update in relation to its position by no latter than Thursday, June 3, 2004,? the company said in a statement sent to The Australian Stock Exchange.??Novus shareholders should note that they will forego to receive the benefit of any revised offer Sunov may make if they accept the Medco offer.?

Early this week, Medco has raised its bid to A$1.90 a share to remain in the contest for Novus, topping rival Sunov Petroleum Ltd Pty's offer at $1.85 cents. Sunov is led by Novus Chief Executive Bob Williams and Hong Kong's Crosby Capital Partners.

Novus independent directors have recommended shareholders accept the latest Medco offer in the absence of a higher bid after Medco declared its offer unconditional.

Australian oil-and-gas group Santos Ltd has said it would buy Novus's assets in Indonesia and central Australia if a Sunov bid were successful. (alex)