Shares in Ascent Resources shot up in London this morning after the European oil explorer said it was open to takeover offers.
Ascent bosses said the company became cashflow positive for the first time in November with the export of gas from its primary asset in Slovenia.
The board now feels it needs additional support to further develop the Petisovci project.
The company said it had already received “several expressions of interest from industry players”.
However, Ascent said it had yet to receive a firm offer.
Ascent shares were up 17% to 1.02p on the alternative investment market.
Chief executive Colin Hutchinson said: “Since successfully becoming cashflow positive, the board has now decided to undertake a corporate review of the company, focused on assessing how value can most effectively be generated for Ascent’s shareholders.
“It is naturally appropriate for a company such as ourselves, with a highly valuable gas asset, to be in non-exclusive discussion with third parties.
“We are confident that the review will allow us to face the future with optimism, and we look forward to providing a further update on our intended focus in due course”.