Deltic Energy plc expects the £6.9 million sale of the company to Viaro Group to take place early in the fourth quarter of this year, subject to remaining conditions.
LONG STOP
The company’s shareholders approved the cash offer, by way of a court-sanctioned scheme, by 96.16% against 3.84%, at a general meeting on 28 August.
At the court meeting, 96.03% of shareholders voted in favour of the sale with 3.97% against.
The agreement has a long stop date of 11:59pm on 31 December 2025.
If the sale proceeds, Deltic issued and to be issued capital will be sold to Viaro’s subsidiary RockRose Energy.
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.