Deltic Energy is facing yet another potential acquisition bid, this time from Independent Oil and Gas (IOG).
Deltic Energy said the company is largely “insulated” from the impact of Covid-19 thanks to the financial benefits of Shell farm-outs last year.
Deltic Energy, formerly Cluff Natural Resources, has “unequivocally rejected” a £12.3million bid from Reabold Resources to acquire a controlling stake in the business.
Cluff Natural Resources (CLNR) has said it is “fully committed” to drilling a Shell-partnered North Sea prospect next year, however another is expected to be delayed to 2022.
A company named after one of the pioneers of North Sea oil and gas exploration is planning to change its name.
Pre-tax losses widened at Cluff Natural Resources (CLNR) in a first-half marked by flagship deals with energy giant Shell on its southern North Sea licences.
Shell has wrapped up seismic survey work on a newly-acquired southern North Sea prospect.