Petrogas not planning to make an offer for Deltic Energy

(Sharecast News) - Petrogas confirmed on Wednesday that it does not plan to make an offer for AIM-listed North Sea operator Deltic Energy. Deltic announced last month that it had agreed a recommended cash acquisition by Neo Next+ Energy Upstream UK in a deal that valued the company at around £7.2m on a fully diluted basis.

Under the terms of the acquisition, Deltic shareholders will receive 7.7p in cash for each of their shares, which is a premium of about 156.7% to the closing share price on 21 April, the last trading day before the offer period began.

At 1226 BST, the shares were down 3.7% at 6.50p.