(Alliance News) - Angus Energy PLC on Monday revealed it has received multiple serious approaches as part of its formal sale process, boosting its share price by more than 10%.
The UK-focused oil and gas company said it had received "at least six bona fide" approaches to participate in the sale process, and other indications of interest in a potential offer for all shares of Angus or its license interest in the Saltfleetby gas field.
Angus Energy shares rose by 12% to 1.12 pence each in London on Monday morning.
"Angus is not a large and complicated group and [we do] not envisage an extended period of time will be necessary for the parties to complete due diligence," it said.
Angus said it would be "inappropriate" to identify the interested parties, but it will engage and assess each expression of interest until a firm proposal is agreed.
Angus is focused on UK onshore oil projects. It has a 51% interest in the Saltfleetby gas field, majority owns and operates conventional oil production fields at Brockham and Lidsey and has a 25% interest in the Balcombe licence.
By Elizabeth Winter; elizabethwinter@alliancenews.com
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Angus Energy (ANGS)