Deltic Energy plc said it was in discussions on possible cash buyout offers from three separate companies.
SELENE
The company has been approached by Capricorn Energy plc, which is itself under a possible offer; Petrogas International E&P Coöperatief U.A., a subsidiary of Oman-based Mohammed Al Barwani LLC (MB); and private Norwegian firm Blue Concept Hld AS.
The talks follow Deltic’s withdrawal at the beginning of April from Viaro Energy’s £6.9 million offer, after industry regulator the North Sea Transition Authority repeatedly deferred its decision over “concerns”.
During March 2026, Viaro twice purchased shares in Deltic and, by the end of month, held a 3.19% stake.
Deltic holds 25% of the Shell-operated Selene prospect, which holds discovered gross 2C contingent resources of 174 billion cubic feet of gas, in the UK Southern North Sea.
The company also owns 100% of prospects Blackadder, also in the SNS, and Dewar in the Central North Sea.
Deltic additionally has until 27 May 2026 to pay £1,530,320 to Shell UK Ltd in relation to Selene exploration costs. Deltic’s cash had dwindled to £300,000 as at 30 June 2025.
Capricorn, with joint venture oil and gas licences onshore Egypt, is under a possible all cash offer from Alamadiyaf al-Masiyyah for Trading LLC.
Petrogas has interests in Egypt, Oman and the Netherlands, while parent company MB states it has interests in 40 countries, covering oil and gas, mining and minerals as well as engineering services.
Deltic added that there was no certainty that any of the discussions would lead to a definite offer.
In accordance with Rule 2.6(a) of the Takeover Code, each potential purchaser has until 5pm on 20 May 2026 to announce whether or not it has a firm intention to make an offer.