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A potential suitor of Deltic Energy PLC on Wednesday confirmed it will not pursue an offer, with a takeover by Neo Next+ Energy Upstream UK Ltd on the table instead. Private Norwegian company Blue Concept Hld AS said it no longer plans to make an offer for Deltic, a London-based investment firm with an exploration and appraisal portfolio in the southern and central North Sea. Deltic shares fell 7.7% to 6.00 pence each on Wednesday around noon in London, but are up 9.1% over the past year. In April, Deltic disclosed that it was in talks with three potential buyers: Capricorn Energy PLC; Petrogas International E&P Cooperatief UA, and Blue Concept Hld AS. The latter is the last to withdraw its interest. Last week, Deltic said Petrogas would not proceed with an offer. Petrogas is a subsidiary of Mohammed Al Barwani LLC, a Muscat-based holding company whose interests span the oil and gas, mining, marine engineering, manufacturing and real estate sectors. In May, London-listed Capricorn backed away from the deal, after Neo Next+ said it had agreed to buy Deltic. Neo Next+ is the result of the merger earlier this year of the UK upstream oil and gas business of Paris-based oil major TotalEnergies SE with Aberdeen, Scotland-based Neo Next Energy Ltd. TotalEnergies owns 47.5% of Neo Next+. Norwegian private equity firm HitecVision has about 29%, while Spanish energy company Repsol SA has just under 24%. Neo Next+ has described itself as the largest oil and gas producer in the UK North Sea and has recently acquired Gran Tierra North Sea Ltd. Deltic’s board recommended the takeover by Neo Next+, and shareholders with a combined 23.0% stake provided their support. Neo Next+’s approach follows an offer for Deltic by RockRose Energy Ltd, a subsidiary of Viaro Energy Ltd, that lapsed before receiving regulatory approval. Deltic has entered a term loan facility with Neo Next+ in connection with the proposed takeover, under which it has drawn down the full £2.9 million available. Also in May, Deltic said it had repaid all amounts outstanding under the term loan facility entered into on June 30 with RockRose. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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