Shares in the company fell by 8% to around £0.05 on London’s Alternative Investments Market in the wake of the announcement on Wednesday morning.
The explorer said it had seen a “significant level of interest” from would-be buyers in its drive to capitalise on increased corporate activity in the Eagle Ford, and garnered a number of indicative proposals.
However the company embarked on the process through Macquarie Capital and Cenkos Securities last July just before US benchmark West Texas Intermediate prices halved in value and companies across the sector began cutting back on investment.
Empyrean
