Proactive Investors - Run By Investors For Investors

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.

View full SOU profile View Profile

Sound Energy PLC Timeline

Related Articles

Iofina plant
June 13 2019
Chief executive Dr Tom Becker said 2018 was an "exceptional year" and the momentum has continued into early 2019
Rig ship
May 07 2019
COPL hopes to start appraisal drilling at OPL 226 in mid-2019, subject to finance.
May 23 2019
Here Proactive takes a closer look at green technology group EQTEC PLC (LON:EQT)

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use