Serica Energy PLC on Friday confirmed it was in talks for a possible merger with EnQuest PLC, with a reverse takeover envisaged.
Serica is a North Sea-focused oil and gas producer while EnQuest is an oil and gas company with operations in the UK and Malaysia.
Serica said an offer by EnQuest for Serica is planned via a reverse takeover.
Serica shares were 6.5% higher at 128.32 pence each on Friday morning in London, giving it a market capitalisation of £506.2 million, while EnQuest shares rose 9.2% to 11.70p each, for a market capitalisation of £219.0 million.
EnQuest has until April 4 to announce its intention to make an offer, or to announce it does not intend an offer for Serica.
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