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Octanex makes off-market takeover bid for Orion Petroleum

The author holds no positions in the company (ASX: OXX) has made an off-market bid to acquire all of the ordinary shares in Orion Petroleum Limited (ASX: OIP).

A bidder's statement was lodged with the Australian Securities and Investments Commission on 1 April 2010 in relation to Octanex N.L.'s off-market takeover offer for all of the issued ordinary shares in Orion Petroleum Limited.

Octanex and its subsidiaries are involved in oil and gas exploration and its related activities in the offshore waters within the jurisdiction of Australia.

The related activities include investment in companies operating within the wider energy sector, both inside and outside of Australia.

Orion Petroleum is an oil and gas explorer intending to explore within a number of petroleum exploration licences in northern NSW held by Eastern Star Gas Limited (ASX code: ESG) or in which ESG had an interest.

In addition, the company aims to acquire interest in other petroleum exploration licences with the purpose of engaging in exploration, development and production of oil and/or gas.

Disclosure: The author holds no positions in the company