On 30 June 2025, the boards of Viaro Bidco and Deltic announced that they had reached agreement on the terms of a recommended cash offer for the entire issued and to be issued ordinary share capital of Deltic, to be implemented by way of a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006 which was approved by Deltic shareholders on 28 August 2025.
Completion of the Acquisition remains subject to outstanding conditions, which include, inter alia, the North Sea Transition Authority's ('NSTA') consent to a change in control of the licences held by Deltic. The NSTA is the UK regulator focused, among other areas, on oil and gas exploration and production activities in the UK's North Sea.
Deltic provided notice of the proposed change in control to the NSTA on 1 July 2025 and the NSTA confirmed it had received the information required to proceed with the consultation from Viaro Bidco on 9 July 2025. Guidance published by the NSTA states that, as a general rule, a decision in relation to a change in control will be provided within three months of an application. However, Viaro Bidco and Deltic have recently received correspondence from the NSTA which indicates that, whilst the NSTA is looking to complete the assessment as soon as practicable, this assessment process is taking longer than the guidance published by the NSTA and is now unlikely to be completed before the end of November.
Viaro Bidco and Deltic remain optimistic that completion of the Acquisition will occur in Q4 2025, and a further announcement will be made as appropriate.
Capitalised terms used in this announcement shall, unless otherwise defined, have the same meanings as set out in the Scheme Document published on 25 July 2025. All references to times in this Announcement are to London, United Kingdom times unless stated otherwise.
Source: Deltic Energy
