Oil and gas business Soco International saw its shares rise when it confirmed that it had recieved a number of approaches.
Confirmation that a deal is in the pipeline boosted the company's value by a fifth to more than £1bn. It is rumoured that Sinochem Petroleum, the Chinese based oil and exploration company is interested.
"The board of Soco can confirm that it has received a very preliminary approach regarding the sale of a majority of the company's asset portfolio," a short statement read.
"There can be no certainty that any transaction will occur or as to the terms of any such transaction."
SOCO is an international oil and gas exploration and production company, headquartered in London, traded on the London Stock Exchange and a constituent of the FTSE 250 Index. The Company has interests in Vietnam, Thailand, the Republic of Congo (Brazzaville), the Democratic Republic of Congo (Kinshasa) and Angola.
Soco made a profit before tax of $392.5m in the first half of 2008 following the sale of its Yemen interest for around $465m.
