Jynwel plans to make a $2.3bn joint bid with Spanish oil company Companie Espanola de Petroleos, said Financial Post, citing documents.
“The proposed acquirer will be a newly established entity wholly owned by SRG and Cepsa,” the Spanish group said in a letter earlier this month, according to the report, which also said Goldman Sachs is managing the process for the buyers.
Coastal Energy is focused on buying discovered, underdeveloped oil and gas projects in Southeast Asia.
The company’s proved and probable reserves stood at 149.1 million barrels of oil equivalent as at the end of March 2012.
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