19th May 2025 13:54
(Alliance News) - Angus Energy PLC on Monday said it has agreed on a non-binding potential deal for the reverse takeover of an unnamed group of producing assets in the Gulf of Mexico.
The UK-focused onshore oil and gas developer said the proposed takeover would represent a "major strategic development" for Angus, with a "significant increase in reserves, production and positive cash flow".
"The transaction diversifies Angus away from the challenging UK energy sector into assets in a highly supportive oil and gas jurisdiction, with stable and reliable production and low decline," the company added.
Shares in Angus Energy have been suspended from trading on AIM with immediate effect, and will remain suspended until either an admission document is published or an announcement is released confirming that the takeover will no longer go ahead.
Angus noted that there is no certainty that the deal will be completed, and as a result the group cannot determine the timing of the potential takeover. However, should its shares remain suspended from trading for six months, Angus warned that its admission to AIM would be cancelled altogether.
Angus also on Monday provided an update to its financing facility with a subsidiary of Trafigura Group Pte Ltd, confirming that Trafigura has granted an extension of the first principal repayment to next week Monday. The first GBP1.3 million payment had previously been deferred as part of Angus' ongoing talks with Trafigura about "resculpting" the repayment schedule.
By Emily Parsons, Alliance News reporter
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