British Company Eyes Consolidation Opportunities in Italy, Ireland
UK-headquartered Sound Oil announced its intention to launch a public offer for 100% of the share capital of Antrim Energy, in the attempt to consolidate its position at an European level.
‘The combined business would leverage Sound Oil's technical, financial and commercial expertise to maximise the potential of the combined group, creating a high impact exploration company with producing assets generating revenue covering its cost base and with both the scale and geographic diversity to appeal to a wider range of institutional and retail investors’ reads a note released on Monday.
Sound Oil is willing to capitalise on its assets in Italy, increasing its international portfolio through the acquisition of the offshore Skellig Block in Ireland.
“By combining with Sound Oil, Antrim's portfolio can be managed as part of a wider European portfolio and run by a Europe based team with a strong track record of delivering value to shareholders. The combination provides a pan European platform to enable further consolidation in the sector whilst delivering a more diverse portfolio, added scale and increased investor appeal” James Parsons, Sound Oil's Chief Executive Officer, commented.
In May, Sound Oil said it expected to drill at Nervesa, Badile and Laura prospects in Italy in the next two years.
CUADRILLA & UK
Meanwhile, in the UK, the Environment Agency has launched the second consultation period for Cuadrilla’s applications to explore shale gas in Lancashire. The Agency already voiced its intention to grant the permit for exploration activities at the Roseacre Wood site.
‘Based on this assessment, the Environment Agency is minded to grant Cuadrilla the environmental permits needed to carry out their operations and welcomes any new relevant information for consideration before making a final decision’ the Environmental Agency wrote on Monday.
Earlier this month, the company also said that the Environmental Agency expects to grant the environmental permits for another shale gas exploration site - at Preston New Road - after the ongoing consultation that runs until December 8.