Cabot Energy Plc (LON:CAB) has confirmed that its deal to acquire the Civita asset in Italy from Rockhopper Exploration Plc (LON:RKH) will not proceed.
It follows a broader corporate update from Rockhopper earlier today.
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In a stock market statement, Cabot told investors that the deal had been conditional upon Italian regulatory approval which was not obtained.
Accordingly, the company said it has not been possible to satisfy all relevant conditions of the deal and therefore both companies have mutually agreed not to proceed with the transaction.