TotalEnergies and Repsol venture eyes UK growth with Deltic Energy bid

(Alliance News) - Neo Next+ Energy Upstream UK Ltd on Thursday said it has agreed to buy Deltic Energy PLC to grow operations in the UK North Sea.

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+. Norweigan private equity firm HitecVision has about 29%, while Spanish energy company Repsol SA has just under 24%.

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

London-based Deltic is an investor in exploration activities in the UK North Sea, with a focus on the southern North Sea gas basin.

Neo Next+ offered 7.7 pence per share in cash for the AIM listing, valuing the company's equity at GBP7.2 million.

Deltic shares jumped by a third in response to the announcement on Thursday. They were up 28% at 6.72p in early afternoon trade in London, having hit a daily high of 7.00p.

Neo Next+ and Deltic said the entire board recommends the takeover offer, and it already has support from shareholders representing 23.0% of the total.

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

"The last 12 months has been a period of significant uncertainty for Deltic, its shareholders, employees and other stakeholders," said Chief Executive Officer Andrew Nunn.

"Following the lapsing of the proposed acquisition of Deltic by RockRose Energy td, we received a number of approaches in relation to Deltic and its assets. Neo Next+'s offer represents the best value and certainty for Deltic shareholders."

By Tom Waite, Alliance News editor

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