Sound Energy PLC (AIM:SOU) has walked away from a deal to acquire Angus Energy PLC (AIM:ANGS) after a period of due diligence.
Angus told investors it has terminated its formal sale process but will now continue its strategic review and talks at asset level only.
“The company is pleased to continue discussions with two actively interested parties for part or all of our licence interest at an asset level,” said George Lucan, Angus chief executive.
“However, in the light of a strongly supportive economic backdrop and in constant pursuit of shareholder value, we are now formally closing out our formal sales process.”
He added: "Our competent persons report of October 2021 gave a P90 valuation of £24mln (P50 of £34mln) to our interest in Saltfleetby, since which time confidence in our ability to achieve First Gas in June has risen, and the wider market has reflected this in our own share price.”
Sound, meanwhile, said it remains firmly focused on delivering the phased development of its Tendrara Concession in Morocco.