July 22 Oil and gas company Max Petroleum Plc said it was reviewing strategic options, including a sale.
The London-listed firm, which has majority of its operations in Kazakhstan, said it had appointed Blackstone Group International Partners LLP as the exclusive financial adviser to conduct the formal sale process.
The strategic review follows a tumultuous few months where it has slashed its full-year production target, implemented cost cuts and has seen large shareholders - UBS Investment Bank and Henderson Global Investors - drastically reduce their stake in the company.
The company said on Tuesday it would also consider a merger, an acquisition or a subscription of its securities by a third party.
Max, which has a market value of about 30 million pounds ($51 million), said it was also looking at disposal of assets or farm down.
Under a farm down agreement, a small, licensed exploration company that has struck oil or gas reduces its investment costs by selling a share in its rights over the discovery to another firm.
Shares in the company closed at 1.37 pence on Tuesday.
($1 = 0.5864 British Pounds) (Reporting by Esha Vaish in Bangalore)