Andes Energia (LON:AEN) saw its shares suspended from trading today after the Argentina-focused oil & gas explorer confirmed recent media speculation about acquisition talks.
In a statement, the AIM-listed group said “it is in discussions with another party about a possible transaction which would under the AIM rules constitute a reverse takeover of the Company.”
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They added: “As a result, the shares have been suspended until publication of a re-admission document or until discussions end.”
The firm added that there can be no certainty that the discussions will lead to any agreement concerning the possible transaction but a further update will be provided to shareholders in due course.
Andes Energia shares were suspended at 69p, up 3%, or 2p on last night’s close.