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(Alliance News) - Sound Energy PLC on Friday ruled out making a bid for UK-focused onshore oil and gas producer Angus Energy PLC.
Angus Energy noted the announcement and said it has ended its formal sale process. It will continue with its strategic review, however.
Angus Energy shares were 6.8% lower at 1.26 pence each in London on Friday morning. It has a market capitalisation of GBP16.8 million.
Sound Energy was 13% lower at 2.01p. It has a GBP34.4 million market value.
The Moroccan-focused upstream gas company said its decision not to table a bid for Angus came after its due diligence review.
Sound said: "The company will maintain a disciplined framework while continuing to evaluate a range of compelling strategic opportunities. Sound remains firmly focused on delivering the phased development of its Tendrara Concession in Morocco, having issued the notice to proceed for the Phase 1 micro LNG project per its announcement on 16 February 2022 and continues to progress the Phase 2 pipeline project per its announcement on 14 March 2022."
Angus said the duo were unable to agree terms after "lengthy discussions".
Angus added: "The company is pleased to continue discussions with two actively interested parties for part or all of our licence interest at an asset level. 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 as regards potential offers for the shares of Angus Energy, although we remain in a strategic review period whilst those discussions continue at an asset or licence level."
By Eric Cunha; ericcunha@alliancenews.com
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