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Deltic Energy PLC on Tuesday evening announced that its acquisition offer from Viaro Energy Ltd has lapsed amid a regulatory hold-up. In response, Deltic shares fell 35% to 2.28 pence in London on Wednesday. Deltic, an investor with an exploration and appraisal portfolio in the southern and central North Sea, agreed to the approximately £7 million bid from Rockrose Energy Ltd, a subsidiary of Viaro, in June. 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. However, as of March the companies were still waiting or the UK North Sea Transition Authority to green light a change in control of North Sea exploration licences held by Deltic. ‘Receipt of the change in control consent remains outstanding and further given that the NSTA has not provided a hard stop deadline to make its decision, the Deltic board has now concluded that it will not be received in the foreseeable future and that the ongoing delay and uncertainty has the potential to jeopardise the Deltic business,’ Deltic said. Consequently, it has decided not to further extend the longstop date of March 31, which was previously postponed from December 31. Deltic said it is funded for working capital purposes into the second half of 2026. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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