(Alliance News) - Volga Gas PLC on Friday said it has received "a number of non-binding proposals" from potential buyers.
The Russia-focused oil and gas exploration firm kicked off a formal sales prices back in April.
"The company is pleased to report that it received a number of non-binding proposals regarding the sale of the company or its entire business and assets," Volga said.
"The board is now engaged in ongoing discussions with certain of these parties about the sale of the company (or its entire business and assets) and aims to conclude negotiations on or before September 30."
Volga warned that there can be "no certainty" that an offer will be made.
Shares in the company shot up 15% at 25.80 pence each in London on Friday morning, giving it a market capitalisation of about GBP20.9 million.
By Eric Cunha; ericcunha@alliancenews.com
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