Shares in Empyrean Energy (LON:EME), which put itself up for sale in July, advanced over 7% after revealing it has received a number of indicative proposals.
Chief executive Tom Kelly, ahead of the group’s AGM in London today, told investors that these proposals are now being clarified and evaluated.
“Once this process has been completed the board expects to make a further announcement with regard to the outcome of the strategic review,” he said in a stock market statement.
Shareholders will be updated at “the appropriate time”, Kelly added.
The announcement came with the customary disclaimer that: “Shareholders should note that there can be no certainty that an offer will be made, nor as to the terms on which any offer will be made”
Empyrean hired Macquarie Capital to conduct a formal sale process in July.
The company’s main asset is a 3% stake in the Sugarloaf project, a Marathon Oil run operation in the Eagle Ford shale.
Tuesday morning on AIM Empyrean shares were up 1.38p, 7.48%, trading at 19.75p. At this level the company is valued at just under £44mln.