Afren Gives Seplat Additional Two Weeks Extension to Make an Offer or Bounce

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British oil producer Afren Plc said the UK Takeover Panel extended the deadline for Nigeria’s Seplat Petroleum Development Co to make a firm offer or walk away.

Seplat now has time until 1700 GMT on Feb. 13. A previous deadline ends on Saturday.

Afren said in December it had received a preliminary approach from Seplat. The companies received the first deadline extension on Jan. 19.

The London-listed company, whose main producing assets are in Nigeria, has been struggling with looming debt payments and tumbling oil prices.

Afren’s shares rose as much as 55 percent during the day pending the deadline. The stock was up 32 percent at 5.59 pence at 1540 GMT on the London Stock Exchange.