SEVENOAKS, UK – Sound Oil plans a public offer for the entire share capital of Calgary-based Antrim Energy.
The combined business, Sound Oil says, would create a “high impact” exploration company with producing assets generating revenue covering its cost base.
Sound Oil’s strategy is to build a pan-European oil and gas business, currently focused onshore Italy. Antrim’s assets include the Skellig block offshore Ireland, where exploratory drilling is due to start in 2016.
Antrim responded that it would review and evaluate the announcement in consultation with its legal and financial advisers. However, it remains concerned by Sound Oil’s previous unwillingness to allow Antrim to conduct due diligence procedures.