Neo Next+ completes acquisition of Deltic Energy following court approval

Neo Next+ has finalised its takeover of North Sea exploration company Deltic Energy after receiving judicial sanction. The High Court of Justice in England and Wales approved the scheme on 13 August, satisfying all conditions for the transaction. Consequently, Neo Next+ now holds the entire issued share capital of Deltic. Trading in Deltic’s shares has been suspended, and existing share certificates are no longer valid.

Deltic has applied to the London Stock Exchange to delist its shares from the Alternative Investment Market. This removal is scheduled to take effect at 07:00 on 17 August 2026. The acquisition agreement was originally reached in May, valuing Deltic at approximately £7.2 million. Under the terms of the deal, shareholders received 7.7p per share in cash. This price represented a premium of 156.7% over the company’s closing share price on 21 April.

The successful completion follows a previous failed bid by Viaro Energy, which offered £6.9 million but collapsed due to regulatory delays concerning licence transfers. Deltic had previously warned that without a takeover, it would face administration owing to financial pressures and limited funding access. The company’s primary assets include a 25% non-operated stake in the Selene gas discovery, alongside interests in the Blackadder and Dewar prospects. While Selene holds long-term cash flow potential, it requires significant investment before first gas is expected in early 2031. Neo Next+ stated that the acquisition supports its strategy to expand within the UK North Sea, building on recent mergers involving assets from NEO Energy, Repsol Resources UK, and TotalEnergies.