Amerisur Resources Plc (LON:AMER) looks set for a takeover as multiple potential buyers of the South America focused oil and gas junior are moving forward in a formal sale process.

The explorer, in a stock market statement, told investors that multiple parties had signed confidentiality agreements and a phase of due diligence is now underway.

As part of the process, the company will provide the potential buyers with confidential due diligence materials along with access to Amerisur management.

“The company looks forward to engaging with all potential offerors in a constructive and positive manner through the FSP to achieve an outcome that maximises value for all our shareholders,” Amerisur said.

As is customary in such situations, it also cautioned: “shareholders are strongly advised to take no action in respect of their shares until completion of the formal sales process.”

In July, Amerisur launched a strategic review to assess the options available to the company to maximise value for shareholders.

One of those options includes was a possible sale of the company.

It said the review was undertaken in light of the high level of recent activity in the Colombian exploration and production sector.