Sound Oil intends to launch a public offer (the "Intended Offer") for 100 per cent. of the share capital of Antrim Energy Inc. (Antrim).
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.
Sound Oil's strategy is to build a pan-European oil and gas business of scale, leveraging off its strong Italian portfolio. Sound Oil views a combination of Antrim and Sound Oil as representing an attractive step in the implementation of this strategy.