Cadogan Petroleum has made a “highly preliminary approach” that could see the company combine with fellow London-listed firm Ascent Resources.
The company stressed there is no guarantee a deal will be signed.
Ascent said it had received a preliminary takeover approach from Cadogan last week. Cadogan has until April 21 to make a firm offer.
Cadogan currently has working interests in 11 licence areas covering 14 fields in Ukraine, the most notable of which include the Pirkovskoe, Pokrovskoe, Zagoryanska and Bitlyanska licenses.
Ascent only has one asset at present, the Petsovci project in Slovenia.
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