Viaro Energy Ltd has bought 2,443,880 shares in its target acquisition, Deltic Energy plc, ahead of the industry regulator’s decision on the pending takeover.
CONFIDENCE
Viaro yesterday purchased an initial 2,143,880 shares, each at an average price of 3.6034p, representing 2.30% of Deltic’s total issued share capital.
Later on in the day at 6.25pm, Deltic announced that Viaro had purchased a further 300,000 of its ordinary shares, at a price of 3.75p per share.
Viaro now holds 2,443,880 of Deltic’s ordinary shares, with an increased shareholding of 2.63%.
Chief executive officer Francesco Mazzagatti said after the first purchase: “This reflects our confidence in the quality of the Deltic assets and the long term value they can deliver, and aligns with our disciplined approach to capital allocation and value creation.
“By making this investment, we are reaffirming our commitment to the Basin.”
The companies continue to await the North Sea Transition Authority’s decision on the £6.9 million cash offer for Deltic, agreed in June 2025.
Deltic’s interests include 25% of the Shell-operated Selene prospect in the Southern North Sea, and 100% each of prospects Blackadder, also in the SNS, and Dewar in the Central North Sea.