Sound Oil has withdrawn its offer to acquire Antrim Energy amidst the global drop in oil prices.
The company, which revealed its intentions to make an offer in November last year, said they were no longer proceeding any further with the deal.
Antrim Energy is set to consider a £6.35million offer from Sound Oil.
The Canada-focused company said it will consult with its board and legal and financial advisers following the takeover bid.
Mediterranean-focused explorer Sound Oil announced yesterday its desire to purchase the company.
