Sunov may raise bid for Novus

The long battle for Medco Energi International to acquire Australian oil, gas company Novus Petroleum may not be over yet as its arch rival Sunov Petroleum had shown no sign to give up.

Sunov petroleum on Wednesday extended its offer to its off-market take over bid for two more weeks until June 17. ?....Sunov continues to consider the price and the terms of its offer. Sunov will provide a further update by no further than Monday 31 May 2004,? said Sunov

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 recommend that Novus shareholders accept the revised Medco Energi offer in the absence of another offer emerging. (alex)