Shares in Regal Petroleum were up on the FTSE AIM All Share in morning trading, following yesterdays statement confirming a possible takeover.

The group, responding to press speculation, said that after the announcement of a strategic review on 30 September it had received "a number of approaches in relation to a potential offer".

Regal added that any discussions relating to a takeover were still at a "preliminary stage" and were not guaranteed to lead to a final offer being made.

By 09:55 shares in Regal Petroleum were up 4.11 per cent on the FTSE AIM All Share to 19.00 pence per share.