Deltic Energy plc said it would consider “all other options” after the industry regulator delayed its decision for the third time on the company’s £6.9 million cash sale to Viaro Energy.
DEBT
The companies agreed the transaction in June 2025 and aimed to close the deal during the final quarter of the year, subject to the North Sea Transition Authority’s approval.
In December 2025, Deltic said that the NSTA required “further representations” from both companies to address “concerns”, before it could give its consent.
After two extended deadlines Deltic expected the NSTA’s decision by the end of March 2026 on the change of control of its licences, but the regulator has as yet made no announcements.
Viaro currently holds 3.19% of Deltic after twice buying shares in the company during March 2026.
In a statement yesterday, Deltic said: “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.
“This has resulted in the Deltic board electing not to further extend the long stop date which, following the announcement of 3 December 2025 therefore remains 11.59 p.m. on 31 March 2026.
“As of 1 April 2026, Deltic will no longer be considered to be in an ‘offer period’.”
The company, which has until 26 May 2026 to pay £1.5 million owed to Shell UK (Ltd), added it was funded for working capital into the second half of 2026.
Deltic’s assets include its 25% working interest in the Southern North Sea Selene prospect, where a 2024 well discovered gross 2C contingent resources of 174 billion cubic feet of gas.