Angus Energy plc said it had ended the formal sales process for the company following its increased share price and a “strongly supportive” economy.
SOUND ENERGY
The company had been approached by Sound Energy plc, which today confirmed it did not intend to make an offer.
“After lengthy discussions on a possible combination with Sound, which we consider to have
had merit, we were unable to agree terms,” said chief executive George Lucan.
Angus added in a statement today that it would continue its strategic review at the asset level only, but that the company was no longer in an offer period as defined by the Takeover Code.
ECONOMICS
The competent persons report of October 2021 gave a P90 valuation of £24 million (P50 of £34 million) to the company’s interest in Saltfleetby.
Mr Lucan said that Angus was increasingly confident of achieving first gas in June, which was reflected in the company’s share price.
“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 plc.”
The company remains in a strategic review period while discussions continue at an asset or licence level.