Ascent Resources open to takeover offers as it announces strategic review

This will include seeking to identify a partner to work with the group to develop existing assets and offers for the company. Ascent, which announced back in November that it had become cash flow positive for the first time, said it has received several expressions of interest from industry players interested in working with the company. However, it has not yet received any bid approaches.

Chief executive officer Colin Hutchinson said: "Since successfully becoming cash flow positive, the board has now decided to undertake a corporate review of the company, focussed on assessing how value can most effectively be generated for Ascent's shareholders.

"It is naturally appropriate for a company such as ourselves, with a highly valuable gas asset, to be in non-exclusive discussion with third parties. We are confident that the review will allow us to face the future with optimism, and we look forward to providing a further update on our intended focus in due course."

Also on Tuesday, Ascent released its final results for the year to the end of December 2017, which showed the company is now profitable, cash generative and debt free, with cash reserves of more than £1m.

Hutchinson said: "This has been a transformational year for Ascent, as we have moved from an exploration company to a production company."

At 1250 BST, the shares were 31% to 1.15p.