The Egypt-focussed oil firm, which has US$7.3mln of cash and US$77.5mln of debt, said in a brief stock market statement that it was in talks with Circle Link and the International Finance Corporation, its principal lender.
It wants to identify a ‘way forward’ that will allow the completion of a strategic review process that got underway more than six months ago.
In March the process was launched to consider options including a debt restructuring, an asset sale or a sale of the whole company.
More recently, in June, the company warned investors that it believed no value will be attributable to equity holders and at that time trading in the AIM quoted share was suspended.
In an interim results statement, released at the end of September, Circle revealed it was in advanced talks with potential buyers for ‘different combinations of the Group's assets and corporate entities.’