British oil and gas explorer Emerald Energy said that it has received a takeover approach, continuing the wave of consolidation in the sector and sending its shares to their highest in more than a decade, Reuters has reported.

The company, which has assets in Syria, Colombia and Peru, said that talks regarding the possible cash offer were at an early stage and declined to comment further on the price or identity of the third party.

“Accordingly no assurances can be given that any formal offer will be forthcoming or that any transaction will occur,” Emerald said in a statement.

Its shares, which rose 10% on Friday on speculation of an offer at about £7.50 a share, were up 7% at £6 today, having earlier jumped to 607.5 pence, their highest since October 1998.

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