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Salamander Energy CEO James Menzies. Image courtesy of Salamander Energy.

A consortium led by Spain’s Compania Espanola de Petroleos (CEPSA) backed out of its bid to acquire UK-based Salamander Energy Monday.

CEPSA, along with Strategic Energy Global (SEG), held talks with Salamander but decided to not pursue the purchase for undisclosed reasons, Reuters said.

“CEPSA and SEG have now decided that they have no intention of making an offer for the company,” CEPSA said.

The consortium had made its proposal conditional on Salamander exiting a deal it made with Malaysia’s SONA in July and selling a 40 percent stake in two oil fields in Thailand.

UK-based Ophir Energy submitted a conditional proposal to acquire Salamander in October, offering a share exchange for the company.

Details about the value of the offer have not been disclosed.

Hong Kong-based Jynwel Capital has also made an offer.

All bidders have until November 24 to either formally express their intention to move forward or to step away from their offers.

Salamander is an exploration and production company focused on Thailand and Indonesia.

The company expects 2014 average daily production to be between 13,000 to 16,000 barrels of oil equivalent per day, with 80 percent of production operated by the company.