Deltic Energy suitor Petrogas withdraws interest after Neo Next+ offer

Deltic Energy PLC on Wednesday reported that Petrogas International E&P Cooperatief UA does not intend to make an offer for Deltic, which instead has agreed to a takeover by Neo Next+ Energy Upstream UK Ltd.

Deltic is a London-based investment firm with an exploration and appraisal portfolio in the southern and central North Sea.

Petrogas International E&P is a subsidiary of Mohammed Al Barwani LLC, a Muscat-based holding company whose interests span the oil and gas, mining, marine engineering, manufacturing and real estate sectors.

Deltic Energy shares fell 3.7% to 6.50 pence on Wednesday afternoon in London.

Back in April, it said it was in talks about a possible takeover of the company, and in May, Neo Next+ said it had agreed to buy Deltic.

Neo Next+ is the result of the merger earlier this year of the UK upstream oil and gas business of Paris-based oil major TotalEnergies SE with Aberdeen, Scotland-based Neo Next Energy Ltd.

TotalEnergies owns 47.5% of Neo Next+. Norwegian private equity firm HitecVision has about 29%, while Spanish energy company Repsol SA has just under 24%.

Neo Next+ has described itself as the largest oil and gas producer in the UK North Sea and has recently acquired Gran Tierra North Sea Ltd.

Deltic’s board recommended the takeover by Neo Next+, and shareholders with a combined 23.0% stake provided their support.

Neo Next+’s approach follows an offer for Deltic by RockRose Energy Ltd, a subsidiary of Viaro Energy Ltd, that lapsed before receiving regulatory approval.

Deltic has entered a term loan facility with Neo Next+ in connection with the proposed takeover, under which it has drawn down the full £2.9 million available.

Also in May, Deltic said it had repaid all amounts outstanding under the term loan facility entered into on June 30 with RockRose.

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