Deltic Energy agrees GBP7 million takeover by Viaro Energy subsidiary

Mon, 30th Jun 2025 12:28

(Alliance News) - Deltic Energy PLC on Monday announced it agreed to a takeover by Rockrose Energy Ltd, a subsidiary of London-based Viaro Energy Ltd.

Viaro Energy is an energy firm focused on the upstream oil and gas sector in the North Sea, with interests in the UK and Netherlands.

Deltic, a London-based investor with an exploration and appraisal portfolio in the southern and central North Sea, said the offer is for 7.46 pence for each Deltic share, a premium of around 36% to its closing price of 5.50p each on Friday.

The offer values the company at around GBP6.9 million on a fully diluted basis.

Deltic shares jumped 9.1% to 6.00 pence each on Monday afternoon in London, giving it a market capitalisation of GBP5.6 million.

Deltic expects the takeover to become effective in the fourth quarter of 2025.

Francesco Mazzagatti, chief executive officer of Viaro Energy, said: "Deltic's portfolio represents a natural fit with Viaro's existing assets and strategic focus in the North Sea. The Selene discovery is a key driver for this acquisition, which forms an important component of Viaro's recently announced transaction with Shell and ExxonMobil, as well as within the broader basin context. The transaction reflects our commitment to advancing key developments responsibly and with the continuity they require. By working with joint venture partners to overcome the economic challenges imposed by the current fiscal uncertainty, we aim to ensure that important developments like Selene can be successfully progressed towards production in a timely manner, and with the right level of technical and financial support."

Deltic Chair Mark Lappin said: "The acquisition by Viaro gives the Deltic business access to a different funding model, which is better suited to the current business environment and aiming to ensure discoveries are progressed and gas will be delivered to where it is needed."

By Tom Budszus, Alliance News slot editor

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