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Deltic Energy PLC shares sank on Wednesday as it extended the long stop date by which its takeover by Rockrose Energy Ltd, a subsidiary of London-based Viaro Energy Ltd, must complete amid a delay from regulatory concerns. The investor with an exploration and appraisal portfolio in the southern and central North Sea said completion of the acquisition remains subject to outstanding conditions including the consent of the North Sea Transition Authority. Deltic said the UK North Sea regulator requires further representations from Rockrose and Deltic ‘in order to reach a definitive conclusion in relation to concerns it has which will affect whether it will grant the proposed change of control of the licences held by Deltic’. It requires this information by December 22. Deltic and Rockrose said they have agreed to extend the long stop date to March 31 from December 31. ‘The board of Deltic remains of the opinion that the acquisition remains in the best interests of Deltic shareholders and wider stakeholders and is disappointed with the continuing delays in the regulatory process,’ it said. Viaro Energy is an energy firm focused on the upstream oil and gas sector in the North Sea, with interests in the UK and Netherlands. Deltic agreed to the takeover in June. The offer was for 7.46 pence for each Deltic share, a premium of around 36% to its closing price of 5.50p before the offer was made. The offer valued the company at around £6.9 million on a fully diluted basis. At the time, Deltic expected the takeover to become effective in the fourth quarter of 2025. Shares in Deltic Energy were down 13% to 5.50p on Wednesday afternoon in London. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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