(Alliance News) - Capricorn Energy PLC on Tuesday confirmed that it does not intend to make an offer for Deltic Energy PLC, after it agreed to an offer from Neo Next+ Energy Upstream UK Ltd earlier this month.

In April, Capricorn Energy confirmed talks regarding a possible offer for Deltic. London-based Deltic is an investor in exploration activities in the UK North Sea, with a focus on the southern North Sea gas basin.

However, earlier this month, Neo Next+ Energy Upstream UK said it has agreed to buy Deltic. 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.

Neo Next+ offered 7.7 pence per share in cash for the AIM listing, valuing the company's equity at GBP7.2 million. Neo Next+ and Deltic said the entire board recommended the takeover offer.

Capricorn is itself the subject of recent takeover interest, after an approach from Alamadiyaf al-Masiyyah for Trading LLC in March.

Capricorn said it has received "multiple unsolicited non-binding proposals" from Alamadiyaf al-Masiyyah, a member of the Cafani Group, regarding a possible all cash offer.

Alamadiyaf al-Masiyyah has until June 3 to either announce a firm intention to make a bid, or walk away.

Shares in Capricorn Energy were down 0.7% at 320.70p on Tuesday morning in London. Deltic Energy shares were up 1.7% at 6.71p.

By Michael Hennessey, Alliance News reporter

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