D1 Oils Plc, a British biofuels technology company, said its board was reviewing strategic options that could include a possible sale or a reverse merger and it may not need new funds until late 2011 under a new business plan.
The India-focused company said the plan would materially cut its European overheads.
On Nov. 12, D1 said it had received a number of preliminary approaches, which may or may not lead to an offer.
D1 said it bought BP Plc's stake in a jatropha joint venture in July and the restructuring of the business resulted in annualised cost savings of about 4.8 million pounds.
Shares of the company were up 2.7 percent at 7.5 pence at 1149 GMT on Wednesday on the London Stock Exchange. (Reporting by Shivani Singh in Bangalore; Editing by Vinu Pilakkott)