Emerald Energy gets bid approach

By Victoria Bryan and Julie Crust

LONDON (Reuters) - British oil and gas explorer Emerald Energy said Monday it received a takeover approach, continuing a wave of consolidation in the sector and lifting its shares to their highest in over a decade.

Syria and Colombia-focussed Emerald said talks regarding the possible cash offer are at an early stage and declined to comment on the price or the identity of the would-be purchaser.

The company's shares rose 10 percent Friday on speculation of an offer at around 750 pence per share, which would value Emerald at about 470 million pounds.

The stock closed up 12.8 percent at 632 pence, after earlier hitting 638.5 pence, the highest level since October 1998.

Waterford Finance & Investment, Emerald's largest shareholder, denied reports it was behind the takeover approach.

Waterford director Michael Kroupeev said he had not been presented with a 750 pence/share offer but that he would welcome it.

"It is a good number, I would be very interested to look at this offer," Kroupeev said.

The Financial Times reported that potential buyers included Canada's Gran Tierra Energy, which also has operations in Colombia and Peru.