Flash note: Intended offer for Antrim
Sound Oil has announced its intention to make an all-share public offer for 100% of the share capital of Antrim Energy. Based on Friday’s close (21 November), Sound's offering is at a discount to Antrim’s net asset value, with forecast cost synergies, particularly the removal of Antrim’s Calgary office and related corporate expenses, as justification. In our view, the combined entity would offer greater flexibility and potential, featuring an enlarged balance sheet and a greater diversity of exploration prospects with the addition of Antrim’s Skellig block to Sound’s Italian assets.Sound Energy is the holding company for a group of companies whose principal activities are the exploration, appraisal and development of oil and gas assets to first production and the operation of producing assets. Co.'s principal areas of activity are in Italy and Morocco.
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