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Sound Oil drops Antrim Energy pursuit as crude continues to slide

Sound Oil (LON:SOU)  has dropped plans to acquire Antrim Energy as Brent crude prices slump to US$45 per barrel on Tuesday.

The company said it had made the decision because of the continued deterioration of oil prices and a reduced appetite in the industry for more expensive deep water exploration.

In November Sound unveiled plans to buy Antrim with an all-paper deal worth £6.35mln or 3.44p per Antrim share.

The offer targeted Antrim’s 25% stake in the highly prospective Skellig Block, offshore Ireland. The transaction would also have given the combined firm a balance sheet with some £23mln of cash.

Antrim’s dismissed the approach and said the offer was not in shareholders' best interests; according to the firm’s management the offer did not significantly enhance shareholder value, nor did it recognise the value of the company’s assets and prospects.

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