The takeover panel of Britain has issued a deadline to Oil India and Indian Oil Corp for making a formal bid for Syrian-focused oil explorer Gulfsands Petroleum by May 11. If not to walk away for a minimum of six months.

Britain’s takeover watchdog said that the Gulfsands’ Indian suitors are given the deadline on Thursday after advisers to the company approached it last week. The company rejected a preliminary approach which valued it at  US $577.4 million on March 19 as “wholly inadequate” and later in March said that its two Syrian fields had far more oil than previously estimated, hoping to boost its bid defence.

Gulfsands’ main asset is its 50 per cent interest in block 26 in North East Syria which includes the Khurbet East and Yousefieh fields. Gulfsands said earlier  that oil production had begun at two wells in Yousefieh and is expected to raise output to about 20,000 barrels of oil per day from the current 18,000 barrels in the second half of 2010.

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