Shares in Longboat Energy PLC (AIM:LBE) jumped 10% at the open after the company confirmed that it is “exploring opportunities to broaden its strategic remit”.
In a brief statement in response to market speculation, it added: “The company is in advanced discussions with a number of parties regarding several opportunities across all phases of the E&P cycle in the south-east Asia region.”
It is not clear just what has been rumoured. Investors were told a further announcement would be made in "due course".
Formed by the team that successfully built and sold Faroe Petroleum, Longboat has set its sights on building a leading full-cycle exploration and production (E&P) business.
According to its website, the company's strategy is to drive growth through strategic mergers and acquisitions, as well as leveraging its drilling expertise to tap into existing fields and explore new prospects.
It has seven oil and gas licences offshore Norway.
At 8.20 am, the shares were up 1.63p at 18.88p.