Sound Oil plc

January 13, 2015 02:00 ET

Sound Oil plc: Withdrawal of Intended Offer for Antrim Energy Inc.

CALGARY, ALBERTA--(Marketwired - Jan. 13, 2015) -

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

On 24 November 2014 Sound Oil ("Sound Oil" or the "Company") announced its intention to launch a public offer for 100% of the share capital of Antrim Energy Inc ("Antrim").

Sound Oil confirms that following the continued deterioration of the oil price and the resultant reduction in global appetite for deep water exploration, the Company has decided, having re-evaluated Antrim's assets, not to proceed further with an offer for Antrim at this time.

Further information on Sound Oil may be found on the Company's website: www.soundoil.co.uk.

Peel Hunt LLP, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting as financial adviser to Sound Oil and no one else in connection with the Intended Offer and will not be responsible to any person other than Sound Oil for providing the protections afforded to clients of Peel Hunt LLP, nor for providing advice in relation to the Intended Offer or any matters referred to herein.

This announcement is not intended to, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities, or the solicitation of any vote or approval in any jurisdiction, pursuant to this announcement or otherwise. Any offer will be made solely by certain offer documentation, which will contain the full terms and conditions of any offer, including details of how it may be accepted.

The distribution of this announcement in jurisdictions other than the United Kingdom and Canada and the availability of the Intended Offer to shareholders of Antrim who are not resident in the United Kingdom or Canada may be affected by the laws of relevant jurisdictions. Therefore any persons who are subject to the laws of any jurisdiction other than the United Kingdom or Canada or shareholders of Antrim who are not resident in the United Kingdom or Canada will need to inform themselves about, and observe, any applicable requirements.

This announcement contains forward-looking statements regarding the Intended Offer, expected future earnings, revenues, cost savings, operations, and other such items, based on Sound Oil's plans, estimates and projections. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those predicted in any such forward-looking statements. Such factors, include, but are not limited to, the possibility that the Intended Offer will not be pursued, failure to obtain necessary regulatory approvals or required financing or to satisfy any of the other conditions to the combination, adverse effects on the market price of Sound Oil's shares and on Sound Oil's operating results because of a failure to complete the combination, failure to realisethe expected benefits of the combination, negative effects of announcement or consummation of the combination on the market price of Sound Oil's shares, significant transaction costs and/or unknown liabilities and general economic and business conditions that affect the combined companies following the combination. Sound Oil disclaims and does not undertake any obligation to update or revise any forward-looking statement in this announcement except as required by applicable law or regulation.

Contact Information

  • Sound Oil
    James Parsons
    Chief Executive Officer
    j.parsons@soundoil.co.uk

    Vigo Communications - PR Adviser
    Patrick d'Ancona/Chris McMahon
    +44 (0)20 7016 9573

    Peel Hunt - Financial Adviser and Broker
    Richard Crichton/Charles Batten
    +44 (0)20 7418 8900

    Smith & Williamson - Nominated Adviser
    Azhic Basirov/David Jones/Ben Jeynes
    +44 (0)20 7131 4000