Deltic Energy plc and its proposed buyer, Viaro Bidco, have deferred the long stop date for the £6.9 million sale until next year, after the industry regulator asked for more details to address “concerns”.
DISAPPOINTED
The transaction, agreed at the end of June 2025, comprises a cash offer for Deltic’s entire and to be issued ordinary share capital, by way of a court-sanctioned scheme of arrangement.
Outstanding conditions include, among other matters, the North Sea Transition Authority’s approval for a change in control of Deltic’s North Sea exploration licences.
Deltic said that the NSTA required “further representations” from both companies to address “concerns”, before it can approve the proposed change of control.
The companies have until 22 December 2025 to provide the information.
“In light of this delay, Deltic and Viaro Bidco have agreed to extend the long stop date by which the scheme must complete from 31 December 2025 to 31 March 2026,” added Delctic.
“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.”