Oil firm Dragon Oil said it was considering making a takeover offer for Bowleven, a British company with assets in Cameroon, in a move which would form part of a long-stated plan to expand beyond its Turkmenistan production base.
"Dragon Oil notes the recent movement in Bowleven's share price and confirms that it is in the preliminary stages of exploring a possible offer for all of the issued and to be issued share capital of Bowleven," Dragon said in a statement on Friday.
Shares in Bowleven soared 65 percent to 122 pence at 1150 GMT, on news that Dragon was considering an approach, exceeding earlier gains of around 18 percent on takeover rumours before Dragon announced its interest.
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