Deltic takeover pushed out again as NSTA mulls concerns

(Sharecast News) - Deltic Energy updated the market on its agreed cash takeover by Rockrose Energy, a wholly owned subsidiary of Viaro Energy, on Friday, saying completion remained subject to outstanding regulatory approvals, with the timetable extended again to allow further representations to the UK regulator.

The companies agreed the terms of a recommended cash offer for the entire issued and to be issued share capital of Deltic on 30 June 2025, with the transaction structured as a court-sanctioned scheme of arrangement under the Companies Act.

Deltic shareholders approved the scheme on 28 August last year.

The AIM-traded firm said the acquisition was still conditional, including on consent from the North Sea Transition Authority to a change of control of the North Sea exploration licences held by the company.

On 18 December, Deltic said Viaro Bidco had requested, and the NSTA had agreed to, an extension to the deadline for submitting further representations needed for the regulator to reach a definitive conclusion on its concerns regarding the proposed licence change of control, setting a revised deadline of 30 January.

Deltic said it had now been informed that a further extension had been granted, with the deadline moved to 13 February.

The company said a further announcement would be made in due course as the regulatory process continued.

At 0800 GMT, shares in Deltic Energy were up 8.33% at 3.25p.

Reporting by Josh White for Sharecast.com.