A potential three-way bidding contest for Deltic Energy (AIM:DELT) Dominates the session, with the embattled explorer's shares sliding 12.15% To 6.589p Even as three named parties confirm active discussions. Elsewhere, Afentra delivers a strong operational update from Angola, Pennpetro taps fresh convertible financing, and Atome pushes its Villeta longstop to the wire.
Three bidders circle Deltic as shares slide
Deltic Energy (AIM:DELT) Confirms it is in separate discussions with Capricorn Energy (LSE:CNE), Petrogas International, and Blue Concept about possible all-cash offers for its entire issued and to-be-issued share capital. The company stresses there is no certainty any offer will materialise. Deltic shares fell 12.15% To 6.589p, a counterintuitive move that likely reflects the market discounting the probability of a deal closing rather than any deterioration in fundamentals.
Capricorn separately confirms it has held discussions with Deltic and discloses it already holds a 1.1% Stake in the target. Under the Takeover Code, any firm proposal from Capricorn would need to be pitched at a minimum of 3.00p per Deltic share. Capricorn shares edged up 0.6% To 313.873p On the news, suggesting investors view any deal as broadly value-neutral for the acquirer at this stage.
Afentra spuds Pacassa campaign with Sonangol backing
Afentra (AIM:AET) Advances on multiple fronts in Angola, reporting that Sonangol has joined the Etu transaction as a participant, adding institutional weight to the deals that will lift Afentra's stakes in Blocks 3/05 and 3/05A. The company has simultaneously spudded the first well of a fully-carried two-well drilling campaign at Pacassa SW, meaning it bears no capital cost on the programme. First-quarter net production came in at 5,958 bopd, generating $33.8m In revenue. Afentra shares were broadly flat, up 0.25% To 79.1p.
Pennpetro draws third convertible tranche, eyes Chalk Talk restart
Pennpetro Energy (AIM:PPP) Has agreed a third secured convertible loan note of £325,000 With RMD Group on revised terms, providing near-term liquidity as the company advances negotiations to restart the Chalk Talk A-1H well. Pennpetro is also reappraising its options on the Limnytska licence. The stock rose 6.11% To 9.55p, the session's standout gainer in the sector, as investors responded positively to the funding certainty and operational progress signals.
Pantheon shifts year-end and keeps farm-out talks alive
Pantheon Resources (AIM:PANR) Reports that multiple parties remain active in data-room discussions covering its Alaska North Slope projects, keeping farm-out prospects alive despite a prolonged process. The company also changes its accounting reference date from 30 June To 31 December, aligning its reporting calendar with the majority of its peer group. Shares slipped 5.34% To 10.98p, reflecting continued investor impatience with the timeline on a deal that has been in progress for some time.
Zenith adds late-stage Italian solar site
Zenith Energy (AIM:ZEN) Acquires a 5 MWp Solar development site in Puglia, southern Italy, expanding its renewable pipeline at a stage where the project is approaching Ready-to-Build status. Payment is contingent on the site achieving that milestone, limiting upfront capital exposure. Shares dipped 0.97% To 7.675p. The deal continues Zenith's pivot toward low-carbon energy assets in Italy.
OGDC triples Jand-1 gas flow after recompletion
Oil and Gas Development Company (LSE:OGDC) Reports a significant production uplift at the Jand-1 well in the Attock district of Pakistan, where recompletion and stimulation work has lifted gas flow from about 7 MMSCFD To more than 21 MMSCFD, a threefold increase. The well had been returned to service following the workover programme. OGDC shares were last quoted at 5.8p With no change recorded in the session.
