摘要
· Viaro Bidco 和 Deltic 董事会欣然宣布，双方已就 Deltic 全部已发行和待发行普通股的现金收购要约条款达成一致（简称“收购”）。此次收购将根据《公司法》第 26 部分，通过法院批准的安排计划实施。·

根据收购条款，每位 Deltic 股东将有权获得：
每股 Deltic 股票：7.46 便士现金（简称“现金对价”）
· 现金对价溢价约为：
o 较 2025 年 6 月 27 日（即要约期开始前的最后一个交易日）Deltic 股票每股 5.50 便士的收盘价溢价 36%；o
溢价 34%。 o 截至 2025 年 6 月 27 日（要约期开始前的最后一个交易日）的一个月期间每股 Deltic 股份的成交量加权平均价格 5.55 便士；
o 截至 2025 年 6 月 27 日（要约期开始前的最后一个交易日）的三个月期间每股 Deltic 股份的成交量加权平均价格 5.41 便士的 38%；以及
o 截至 2025 年 6 月 27 日（要约期开始前的最后一个交易日）的六个月期间每股 Deltic 股份
的成交量加权平均价格 4.79 便士的 56%。此次收购对 Deltic 全部已发行和即将发行的股本进行全面稀释后的估值约为 690 万英镑。

若在本公告发布之日或之后，且在生效日或之前，任何与Deltic股份相关的股息及/或其他分配及/或资本回报获得授权、宣布、作出或支付，或应支付，Viaro Bidco保留根据收购条款减少应付现金对价的权利，减少金额相当于该等股息及/或其他分配及/或资本回报的全部或部分。在此情况下，Deltic股东有权收取并保留任何该等股息及/或其他分配及/或资本回报。Viaro Bidco行使本段所述权利的任何行为均须进行公告，且为避免疑义，此等行为不应被视为对协议或收购条款的任何修订或变更。

就此次收购而言，Viaro Bidco 已同意提供最高 270 万英镑的过桥贷款（“过桥融资”），以便在收购生效前为 Deltic 提供充足的营运资金（更多详情载于下文第 12 段）。此外

，鉴于 Deltic 正就此次收购与 Viaro Bidco 进行磋商，Viaro Bidco 承诺，如果因某些触发事件导致收购未能完成，Viaro Bidco 将支付或促使支付 Deltic 合理且恰当产生的某些费用（更多详情载于下文第 13 段）。此次收购

拟根据《公司法》第 26 部分，通过法院批准的安排计划进行。然而，Viaro Bidco 保留选择以收购要约方式实施收购的权利（需经委员会同意）。

收购背景及原因：

Viaro集团于2020年通过收购Viaro Bidco进军上游油气业务，并通过在英国和荷兰的进一步收购持续投资和扩张。Viaro集团对其上游业务制定了雄心勃勃的增长计划，并相信此次收购将支持其战略目标，即构建一个投资组合，使集团实现每日10万桶油当量（“boe/d”）的产量。

Viaro Bidco 已评估扩大其在英国北海上游业务的机遇，并认为 Deltic 持有的许可证权益将与其现有投资组合产生显著的协同效应。Selene 油田的开发是 Viaro Bidco 能够利用其专业知识，促进其在英国的短期产量增长的关键机遇。此外，Blackadder 勘探机会靠近 Viaro Bidco 现有的基础设施，如果成功，可以提高短期产量并延长潜在主设施的使用寿命。Deltic

目前的战略：

作为一家投资公司，Deltic 一直专注于在英国北海地区发现和完善新的或被忽视的勘探活动，尤其关注南北海天然气盆地。Deltic 通常以 100% 的工作权益来寻找机会并申请许可证，旨在通过引入合作伙伴为工作计划的关键环节（包括地震采集和勘探钻井活动）提供资金，从而降低项目的资本风险，并可选择在产生海上开发相关成本之前从资产中实现价值。通过这种方式，Deltic 成功地将一批许可证转让给现有的合作伙伴，获得了两项 3D 地震勘探，并钻了两口勘探井，这两项勘探都在彭萨科拉和塞勒涅取得了重大发现。

鉴于近年来英国持续存在的财政和政策环境不确定性，继续通过股票市场为 Deltic 商业模式融资或从勘探成功中实现重大价值变得极具挑战性。

建议：

Deltic 董事已就收购的财务条款听取了 Allenby Capital 的建议，他们认为收购条款公平合理。
在向 Deltic 董事提供建议时，Allenby Capital 已考虑 Deltic 董事的商业评估。
Allenby Capital 正根据《收购守则》第 3 条的规定，向 Deltic 董事提供独立财务咨询。

因此，Deltic 董事拟一致建议 Deltic 股东在法院会议上投票（或促使投票）支持该计划，并在股东大会上投票（或促使投票）支持 Deltic 决议，因为持有 Deltic 股份的 Deltic 董事已不可撤销地承诺就总计 240,336 股 Deltic 股份（总计约占截至最后实际可行日期 Deltic 已发行普通股本的 0.26%）进行投票。即使第三方向 Deltic 提出更高的竞争性报价，Deltic 董事作出的不可撤销承诺仍然具有约束力。

对建议的考虑

自 2014 年以来，Deltic 一直专注于其英国天然气勘探战略，并取得了实质性成功，包括将勘探权转让给壳牌、Capricorn 和 Dana，并在北海南部彭萨科拉和塞勒涅发现了两个重要的天然气田。然而，这一成功的背景是油气价格波动、通胀压力巨大、自 2022 年引入能源利润税以来英国财政制度难以预测，以及最近英国政府大选承诺终止勘探许可并禁止在英国海域钻探新油气田，这进一步削弱了英国国内油气行业。Deltic

董事认为，围绕英国政府对国内勘探和生产支持力度的持续不确定性削弱了投资者对整个行业的信心，行业正在等待今年晚些时候新的财政和政策方向，以回应正在进行的一系列公众咨询，董事会认为这些咨询可能会对行业产生重大影响。这种持续的不确定性给整个行业的公司带来了困难，尤其是对那些专注于勘探或开发且尚未盈利的小型石油和天然气公司来说，其中许多公司的估值和股票流动性自 2024 年初以来都遭受了重大侵蚀。

Selene油田25%的非经营性权益对Deltic而言是一项重要资产，具有巨大的长期现金流潜力，尽管在首批天然气交付（目前预计在2029年初）之前，这笔资金需要大量额外投资用于研究和开发资本支出。预计在2027年初做出最终投资决定（“FID”）后，公司可能通过债务融资或天然气销售预付款项来满足大部分资本需求，但Deltic董事认为，在此之前，公司将完全依赖股权融资。

壳牌英国有限公司最近还告知Deltic，Selene油井的支出超支，这将导致Deltic分摊意外成本。这些成本的具体数额目前仍在由合资伙伴评估和审查，但预计Deltic将净赚约130万英镑。尽管围绕延期付款协议（类似于2024年为彭萨科拉实施的协议）的讨论仍在进行中，但这将对Deltic造成一笔巨额的递延负债，很可能在Selene潜在开发项目产生首笔收入之前到期。

正是在Selene开发成本持续增加且风险敞口不断加大，且市场对英国政府进一步明确之前股市是否愿意继续为英国项目提供资金缺乏信心的背景下，Deltic董事们一直在考虑此次收购的财务条款，并考虑是否将其推荐给股东。Deltic董事们考虑了许多因素，包括：

尽管Selene的发现质量很高，且目前拥有合作伙伴，但在Selene最终投资决定（FID）的过程中，仍存在一些重要的阶段性关卡。上述任何一项因素都可能导致项目因外部事件而被取消或推迟，包括英国政府政策、监管制度、天然气价格环境和/或合资集团内部资金可用性的进一步变化。
根据此次收购，每股Deltic股份的现金价值较2025年6月27日（即本公告发布前的最后一个工作日）每股5.50便士的收盘价溢价36%。此外，此次收购还分别较截至2025年6月27日的一个月、三个月和六个月的成交量加权平均价格溢价34%、38%和56%。
· 此次收购为 Deltic 股东提供了立即实现一定现金价值的机会。Deltic 董事们认识到，过去一年 Deltic 股票市场流动性相对较差，股东即使希望变现也难以实现投资。
· 截至 2024 年 12 月 31 日，Deltic 的现金资源总额为 140 万英镑。此后，由于正常运营支出，公司的现金状况有所下降，因此截至 2025 年 5 月 31 日，Deltic 的未经审计现金余额为 49 万英镑。现金水平将继续得到谨慎管理，但由于没有收购程序，Deltic 董事们预计 Deltic 将需要在 2025 年 7 月筹集额外资金，用于：(i) 继续为公司在 Selene 工作项目中的份额提供资金，直至 Selene 资产实现价值；(ii) 支付公司的一般企业成本； (iii) 使 Deltic 能够偿还其对壳牌的现有和潜在额外递延债务。
鉴于公司需要在 2025 年 7 月之前获得额外资本，Deltic 董事会已探索在 Selene 项目可能实现首笔收入之前为该业务提供资金的潜在方案，包括评估股权融资的可能性。然而，鉴于上述艰难的市场环境，以及已与公司最大股东以及其他潜在的现有和新投资者讨论过他们提供进一步融资的意愿，Deltic 董事对公司通过发行股权筹集足够资金的能力缺乏信心。Deltic 董事还认为，鉴于 Deltic 的投资阶段，债务融资提供者可能不愿向 Deltic 提供所需的债务融资。
在此背景下，Deltic 董事认为，此次收购代表着 Deltic 股东对公司未来的确定性。 Deltic 董事还认为，如果在过桥融资之外缺乏其他资金，且收购仍在推进，公司的财务状况将面临极大挑战，Deltic 董事可能别无选择，只能将公司置于破产管理程序之下。一旦公司被任命破产管理人，股东将获得多少回报（甚至可能获得回报）尚不得而知。Deltic
董事还考虑了要约人对 Deltic 业务、资产、管理层、员工以及其他利益相关者的既定意图。
经过仔细考量收购的财务条款、收购条款为 Deltic 股东提供的价值和确定性以及上述因素，Deltic 董事打算一致推荐收购条款。

不可撤销承诺

Viaro Bidco 已收到以下人士作出的不可撤销承诺：在法院会议上投票赞成（或在适用的情况下促使投票赞成）该计划，并在股东大会上投票赞成 Deltic 决议：

IPGL Limited 持有 14,678,781 股 Deltic 股份，约占 Deltic 截至最后实际可行日期已发行普通股本的 15.77%；
Alresford 的 Spencer 勋爵持有 2,856,825 股 Deltic 股份，约占 3.07%。
· Sarah McLeod 持有 43,126 股Deltic 股份，约占 Deltic 截至最后实际可行日期已发行普通股本的 0.05%；以及
· Sarah Flavell 持有 30,172 股 Deltic 股份，约占 Deltic 截至最后实际可行日期已发行普通股本的 0.03%。Deltic

董事还作出不可撤销的承诺，将在法院会议上投票赞成该计划，并在股东大会上投票赞成 Deltic 决议，涉及额外的 240,336 股 Deltic 股份，约占 Deltic 截至最后实际可行日期已发行普通股本的 0.26%。

因此，Viaro Bidco 已收到总计 17,849,240 股 Deltic 股份的不可撤销承诺，约占 Deltic 于最后实际可行日期已发行普通股本的 19.17%。

该等不可撤销承诺的进一步详情（包括其可能失效的情况）载于本公告第 7 段及本公告附录 3。

有关 Viaro Bidco 和 Viaro 集团的信息

Viaro Bidco 是一家股份有限公司。该公司于 2015 年 7 月 1 日在英格兰和威尔士注册成立，公司编号为 09665181，并根据《2006 年公司法》在英国注册。其注册办事处地址为 5th Floor, Viaro House, 20-23 Holbom, London, United Kingdom, EC1N 2JD。

Viaro Bidco成立于2015年，旨在收购上游油气及电力领域的公司或企业。该公司通过一系列企业收购迅速发展壮大，主要集中在英国北海地区。Viaro Bidco于2020年被Viaro Energy收购，成为Viaro集团旗下子公司。此后，该公司通过收购上游资产进一步扩张，巩固了其在英荷两国的市场地位。Viaro

Bidco目前持有北海30多个油气资产的权益，并持有配套基础设施以及英国和荷兰主要陆上终端的相关权益。其团队在北海及国际范围内运营和非运营油气资产方面拥有强大且可证明的技术能力和经验，并与合资企业合作，运用成熟资产管理的相关经验创造附加值，其多名员工曾在运营公司担任重要职务。

关于Deltic的信息

Deltic是一家在AIM上市的自然资源投资公司，已在英国投资了多项海上油气资产，并致力于挖掘这一已探明碳氢化合物储量区的更多勘探潜力。Deltic

持有三张海上勘探许可证的权益，并在现有许可证组合中发现了更多勘探潜力。鉴于天然气在向低碳未来转型过程中的重要性日益增强，Deltic的勘探经验和许可证组合主要侧重于未来的天然气生产。

时间表和条件

：本次收购将根据《公司法》第26部分，通过法院批准的安排计划进行。但是，Viaro Bidco保留选择以收购要约方式实施收购的权利（需经委员会同意）。

· 此次收购的条件包括，获得法院会议上方案股东的必要多数批准以及Deltic股东在股东大会上的批准。方案必须获得出席法院会议并投票的方案股东（亲自出席或委托代理人出席）的多数批准方可生效，且该多数批准代表的方案股份价值至少占投票股份价值的75%。此外，方案的实施还需要获得股东大会（预计将在法院会议后立即举行）上代表至少75%投票权的Deltic股东批准Deltic决议。此外，法院会议结束后，方案必须获得法院批准。最后，必须将法院命令的副本提交给公司注册处，方案方可生效。该计划必须在截止日期前生效。

· 收购将根据《收购守则》以及本公告附录1所列条款和条件以及计划文件中将列出的其他条款和条件进行。· 计划文件

包含有关收购的更多信息以及法院会议和股东大会的通知，并将附上代理表格。该计划文件将在合理可行的情况下尽快发布，并无论如何在本公告发布后28天内发布（或Viaro Bidco、Deltic和专家组同意的更晚时间，如有需要，法院可批准）。计划文件将明确Deltic股东应采取的行动，并包含计划实施的预期时间表。·

该计划预计将于2025年第四季度生效，但须满足本公告附录1所列条件，或在允许的情况下获得豁免。

Viaro Energy首席执行官Francesco Mazzagatti在谈及此次收购时表示：

“Deltic的投资组合与Viaro在北海的现有资产和战略重点完美契合。Selene油田的发现是此次收购的关键驱动力，也是Viaro近期宣布的与壳牌和埃克森美孚交易的重要组成部分，同时也是其在更广阔的油田领域的重要组成部分。此次交易体现了我们以负责任的方式推进关键开发项目的承诺，并保持其所需的连续性。通过与合资伙伴合作，克服当前财政不确定性带来的经济挑战，我们旨在确保像Selene这样的重要开发项目能够及时、顺利地投入生产，并获得适当的技术和资金支持。”

Deltic首席执行官安德鲁·纳恩(Andrew Nunn)在评论此次收购时表示：

“尽管多年来英国勘探与生产行业一直受到政治和财政形势的严峻影响，但Deltic团队的成就和我们资产的质量得到了Viaro的认可。此次交易为股东以及我们的员工、监管机构和合资伙伴带来了确定性，他们正在推进Selene项目的开发，以满足英国未来的能源需求。我们期待与Viaro团队的更广泛合作，继续推进Selene和Blackadder项目的投产，并将我们成熟的勘探专业知识应用于Viaro现有和不断扩展的南北海许可证组合。”

Deltic 董事长 Mark Lappin 在评论此次收购时表示：

“我为 Deltic 小团队的历程和工作感到无比自豪。他们已从两口钻井中取得了两项重大天然气发现。鉴于推进勘探成果进入下一阶段所需的资金，现在正是改变方向的最佳时机。Viaro 的收购将使 Deltic 业务获得一种不同的融资模式，这种模式更适合当前的商业环境，旨在确保勘探工作取得进展，并将天然气输送到需要的地方。”

本摘要应与本公告全文及其附录一起阅读，并受其约束。此次收购将受本公告附录 1 中规定的条件和其他条款以及计划文件中规定的完整条款和条件的约束。本公告附录 2 包含本公告中某些信息的来源和计算依据。附录3载有就本次收购收到的不可撤销承诺的摘要。附录4载有本摘要和本公告中使用的某些术语的定义。

Summary
· The boards of Viaro Bidco and Deltic are pleased to announce that they have reached agreement on the terms of a recommended cash offer for the entire issued and to be issued ordinary share capital of Deltic (the "Acquisition"). It is intended that the Acquisition will be implemented by way of a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act.

· Under the terms of the Acquisition, each Deltic Shareholder will be entitled to receive:
For each Deltic Share: 7.46 pence in cash (the "Cash Consideration")
· The Cash Consideration represents a premium of approximately:
o 36 per cent. to the Closing Price of 5.50 pence per Deltic Share on 27 June 2025 (being the last trading day before the commencement of the Offer Period);
o 34 per cent. to the volume weighted average price of 5.55 pence per Deltic Share for the one-month period to 27 June 2025 (being the last trading day before the commencement of the Offer Period);
o 38 per cent. to the volume weighted average price of 5.41 pence per Deltic Share for the three-month period to 27 June 2025 (being the last trading day before the commencement of the Offer Period); and
o 56 per cent. to the volume weighted average price of 4.79 pence per Deltic Share for the six-month period to 27 June 2025 (being the last trading day before the commencement of the Offer Period).
The Acquisition values the entire issued and to be issued share capital of Deltic at approximately £6.9 million on a fully diluted basis.

If, on or after the date of this Announcement and on or prior to the Effective Date, any dividend and/or other distribution and/or return of capital is authorised, declared, made or paid or becomes payable in respect of the Deltic Shares, Viaro Bidco reserves the right to reduce the Cash Consideration payable under the terms of the Acquisition by an amount equal to all or part of any such dividend and/or other distribution and/or return of capital, in which case Deltic Shareholders would be entitled to receive and retain any such dividend and/or other distribution and/or return of capital. Any exercise by Viaro Bidco of its rights referred to in this paragraph shall be the subject of an announcement and, for the avoidance of doubt, shall not be regarded as constituting any revision or variation of the terms of the Scheme or the Acquisition.

In connection with the Acquisition, Viaro Bidco has agreed to provide a bridging loan of up to £2.7 million (the "Bridge Financing") with a view to providing Deltic with sufficient working capital prior to the Acquisition becoming Effective (further details of which are set out in paragraph 12 below).

In addition, in consideration for Deltic engaging in discussions with Viaro Bidco in connection with the Acquisition, Viaro Bidco has undertaken to pay, or procure the payment of, certain costs reasonably and properly incurred by Deltic in the event that the Acquisition does not complete due to the occurrence of certain trigger events (further details of which are set out in paragraph 13 below).

It is intended that the Acquisition will be effected by way of a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act. However, Viaro Bidco reserves the right to elect to implement the Acquisition by way of a Takeover Offer (subject to the consent of the Panel).

Background to and reasons for the Acquisition

The Viaro Group entered the upstream oil and gas business in 2020 through the acquisition of Viaro Bidco, and has continued to invest and expand through further acquisitions in the UK and Netherlands. Viaro has ambitious growth plans for its upstream business and believes that the Acquisition would support its strategic aim of building a portfolio to deliver group production of 100,000 barrels of oil equivalent per day ("boe/d").

Viaro Bidco has evaluated opportunities to expand its upstream operations in the UK North Sea and views the licence interests held by Deltic to offer significant synergies to its existing portfolio. In particular the development of the Selene discovery is a key opportunity where Viaro Bidco can leverage its expertise to add to Viaro Bidco's near-term production growth in the UK. Additionally, the Blackadder exploration opportunity is close to existing Viaro Bidco infrastructure and, if successful, could add to near term production and extend the life of the potential host facilities.

Deltic's strategy today

Deltic's strategy as an investing company has been focussed on the identification and maturation of new or overlooked exploration activities in the UK North Sea with a particular focus on the Southern North Sea Gas basin. Deltic typically identified opportunities and applied for licences at 100% working interest, with the intention of reducing capital exposure to the projects by bringing partners to fund key aspects of the work programme including seismic acquisition and exploration drilling activities with the option to crystallise value from the assets prior to incurring the costs associated with offshore developments. This approach saw Deltic successfully farm-out a number of licences to established partners, two 3D seismic surveys acquired and two exploration wells drilled, both of which resulted in major discoveries at Pensacola and Selene.

Given the uncertain fiscal and policy environment which has persisted in recent years in the UK, it has become extremely challenging to both continue funding the Deltic business model via the equity markets or to realise significant value from exploration success.

Recommendation

The Deltic Directors, who have been so advised by Allenby Capital as to the financial terms of the Acquisition, consider the terms of the Acquisition to be fair and reasonable.
In providing advice to the Deltic Directors, Allenby Capital has taken into account the commercial assessments of the Deltic Directors.
Allenby Capital is providing independent financial advice to the Deltic Directors for the purposes of Rule 3 of the Takeover Code.

Accordingly, the Deltic Directors intend to unanimously recommend that the Deltic Shareholders vote (or procure votes) in favour of the Scheme at the Court Meeting and vote (or procure votes) in favour of the Deltic Resolution(s) at the General Meeting as the Deltic Directors who hold Deltic Shares have irrevocably undertaken to do in respect of 240,336 Deltic Shares in total, representing in aggregate approximately 0.26 per cent. of Deltic's ordinary share capital in issue as at the Latest Practicable Date. The irrevocable undertakings given by the Deltic Directors remain binding in the event a higher competing offer is made for Deltic by a third party.

Considerations for the Recommendation

Since 2014, Deltic has been focussed on its UK gas exploration strategy which has delivered material success, including farm-outs to Shell, Capricorn and Dana and two significant gas discoveries in the Southern North Sea at Pensacola and Selene. However, this success has come against a backdrop of volatile oil and gas prices, significant inflationary pressures, an unpredictable UK fiscal regime since the introduction of the Energy Profits Levy in 2022 and the recent election of a UK government which has further undermined the UK's domestic oil and gas industry by pledging to end exploration licencing and ban drilling for new oil and gas fields in UK waters.

The Deltic Directors consider that continuing uncertainty around the UK government's support for domestic exploration and production has undermined investor confidence in the sector as a whole and the industry awaits new fiscal and policy direction later this year in response to a number of ongoing public consultations which the Board believes are likely to have significant implications for the industry. This ongoing uncertainty has been difficult for companies across the sector, but especially for smaller exploration or development focussed oil and gas companies which are pre-revenue, many of which have suffered a material erosion in valuation and share liquidity since early 2024.

The 25 per cent. non-operated interest in the Selene discovery is a material asset for Deltic with material long term cash-flow potential, although it will require substantial additional investment for studies and development capital expenditure prior to delivery of first gas which is currently estimated in early 2029. While debt facilities or gas sales pre-payment options may potentially be available to satisfy the majority of the Company's capital requirements following a final investment decision ('FID'), expected in early 2027, the Deltic Directors consider that the Company would be wholly reliant on equity funding until that point.

Deltic was also recently informed by Shell UK Ltd of an overspend on the Selene well which will result in unexpected costs being allocated to Deltic. The exact quantum of these costs is currently still being assessed and reviewed by the joint venture partners, but it is expected that it will be approximately £1.3 million net to Deltic. While discussions around a deferred payment agreement, similar to that put in place in 2024 for Pensacola, are ongoing, this would represent a significant deferred liability for Deltic that would likely be due prior to first revenues from a potential Selene development.

It is against this backdrop of continued and increasing cost exposure associated with the development of Selene and a lack of confidence in the equity market's willingness to continue funding UK projects before further clarity is provided by the UK government, that the Deltic Directors have been considering the financial terms of the Acquisition and whether to recommend it to Shareholders. The Deltic Directors took into account a number of factors, including that:

· Despite the quality of the Selene discovery and the current partnership group, there remain a number of significant stage gates in the process of achieving an FID on Selene. Any one of these could lead to the project being cancelled or delayed in response to external events, including further changes to UK government policy, the regulatory regime, the gas price environment and/or capital availability within the joint venture group.
· The cash value per Deltic Share to be received pursuant to the Acquisition represents a premium of 36 per cent. to the Closing Price of 5.50 pence per Deltic Share on 27 June 2025 (being the last Business Day before this Announcement). In addition, the Acquisition represents premia of 34 per cent., 38 per cent. and 56 per cent. to the volume weighted average price in the one-month, three-month and six-month periods ended 27 June 2025 respectively.
· The Acquisition provides Deltic Shareholders with the opportunity to realise an immediate and certain cash value. The Deltic Directors recognise the market in Deltic Shares over the last year has been relatively illiquid, making it difficult for Shareholders to realise their investment should they wish to do so.
· As at 31 December 2024, Deltic had cash resources totalling £1.4 million. Subsequent to that period end, the cash position of the Company has reduced as a result of normal operational expenditure such that, as at 31 May 2025, Deltic's unaudited cash balance was £0.49 million. Cash levels continue to be carefully managed, however in the absence of the Acquisition proceeding, the Deltic Directors anticipate that Deltic would be required to raise additional capital during July 2025 to: (i) continue to fund the Company's share of the Selene work program until value can be realised from the Selene asset; (ii) cover the Company's general corporate costs; and (iii) allow Deltic to cover its existing and potential additional deferred liabilities to Shell.
· In light of the Company's requirement to access additional capital during July 2025, the Board of Deltic has explored the potential options to fund the business until first revenues on Selene could potentially be achieved, including assessing the possibility of an equity fundraise. However, given the difficult market conditions referred to above and having discussed with the Company's largest shareholder and previously with other potential existing and new investors their appetite to provide further funding, the Deltic Directors do not have confidence in the Company's ability to raise sufficient funds through an issue of equity. The Deltic Directors also believe that, given the stage of Deltic's investments, providers of debt finance would be unwilling to provide the required debt facilities to Deltic.
· Against this backdrop, the Deltic Directors believe that the Acquisition represents certainty for Deltic Shareholders in relation to the future of the Company. The Deltic Directors also believe that, in the absence of alternative funding to the Bridge Financing and the Acquisition progressing, the Company would be in an extremely challenging financial position and the Deltic Directors may have no option but to place the Company into administration. Should administrators be appointed, it is not known how much, if any, value would be returned to Shareholders.
· The Deltic Directors have also considered the Offeror's stated intentions for Deltic's business, assets, management and staff and other stakeholders of Deltic.
Following careful consideration of the financial terms of the Acquisition, the combination of value and certainty that the terms of the Acquisition provide to Deltic Shareholders and the factors noted above, the Deltic Directors intend to unanimously recommend the terms of the Acquisition.

Irrevocable Undertakings

Viaro Bidco has received irrevocable undertakings to vote in favour (or procure the voting in favour, as applicable) of the Scheme at the Court Meeting and the Deltic Resolution(s) at the General Meeting from:

· IPGL Limited in respect of 14,678,781 Deltic Shares, representing approximately 15.77 per cent. of the ordinary share capital of Deltic in issue as at the Latest Practicable Date;
· Lord Spencer of Alresford in respect of 2,856,825 Deltic Shares, representing approximately 3.07 per cent. of the ordinary share capital of Deltic in issue as at the Latest Practicable Date;
· Sarah McLeod in respect of 43,126 Deltic Shares, representing approximately 0.05 per cent. of the ordinary share capital of Deltic in issue as at the Latest Practicable Date; and
· Sarah Flavell in respect of 30,172 Deltic Shares, representing approximately 0.03 per cent. of the ordinary share capital of Deltic in issue as at the Latest Practicable Date.

The Directors of Deltic have also given irrevocable undertakings to vote in favour of the Scheme at the Court Meeting and the Deltic Resolution(s) at the General Meeting in respect of an additional 240,336 Deltic Shares, representing approximately 0.26 per cent. of the ordinary share capital of Deltic in issue as at the Latest Practicable Date.

Viaro Bidco has therefore received, in aggregate, irrevocable undertakings in respect of 17,849,240 Deltic Shares, representing approximately 19.17 per cent. of Deltic's ordinary share capital in issue as at the Latest Practicable Date.

Further details of these irrevocable undertakings, including the circumstances in which they may lapse, are set out in paragraph 7 of this Announcement and in Appendix 3 to this Announcement.

Information relating to Viaro Bidco and the Viaro Group

Viaro Bidco is a private company limited by shares. It was incorporated on 1 July 2015 in England and Wales with company number 09665181, and registered in the United Kingdom under the Companies Act 2006. The address of its registered office is 5th Floor, Viaro House, 20-23 Holbom, London, United Kingdom, EC1N 2JD.

Viaro Bidco was founded in 2015 for the purpose of making acquisitions of companies or businesses in the upstream oil and gas and power sector. It has grown rapidly through a series of corporate acquisitions, predominantly in the UK North Sea. Viaro Bidco was acquired by Viaro Energy in 2020 and became part of the Viaro Group. Since then, it has further expanded with various acquisitions of upstream assets which has strengthened its position, particularly in the UK and the Netherlands.

Viaro Bidco currently holds interests in more than 30 oil and gas assets in the North Sea, with associated interests in the supporting infrastructure and in key onshore terminals in both the UK and the Netherlands. Its team has a strong and demonstrable technical capability and experience with both operated and non-operated oil and gas assets in the North Sea and internationally, working collaboratively within joint venture partnerships to deliver added value through the application of relevant experience in the management of mature assets, with a number of its personnel having held key positions within operating companies.

Information relating to Deltic

Deltic is an AIM quoted natural resources investing company which has invested in a number of offshore oil and gas assets in the UK and is focused on realising the additional exploration potential of this proven hydrocarbon province.

Deltic has interests in three offshore licences and further exploration potential has been identified within the existing licence portfolio. Deltic's exploration experience and licence portfolio is primarily focused on future gas production given the increasing importance of natural gas in the transition to a low carbon future.

Timetable and Conditions

· It is intended that the Acquisition will be effected by way of a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act. However, Viaro Bidco reserves the right to elect to implement the Acquisition by way of a Takeover Offer (subject to the consent of the Panel).

· The Acquisition is conditional on, among other things, the approval of the requisite majority of the Scheme Shareholders at the Court Meeting and Deltic Shareholders at the General Meeting. In order to become Effective, the Scheme must be approved by a majority in number of the Scheme Shareholders present and voting at the Court Meeting, either in person or by proxy, representing at least 75 per cent. in value of the Scheme Shares voted. In addition, the approval of the Deltic Resolution(s) by Deltic Shareholders representing at least 75 per cent. of votes cast at the General Meeting (expected to be held immediately after the Court Meeting) is also required for the implementation of the Scheme. In addition, following the Court Meeting, the Scheme must be sanctioned by the Court. Finally, a copy of the Court Order must be delivered to the Registrar of Companies, upon which the Scheme will become Effective. The Scheme must become Effective by no later than the Long Stop Date.

· The Acquisition will be made in accordance with the Takeover Code and on the terms and subject to the Conditions which are set out in Appendix 1 to this Announcement and on the further terms and conditions that will be set out in the Scheme Document.

· The Scheme Document, containing further information about the Acquisition and notices of the Court Meeting and the General Meeting, and which will be accompanied by the forms of proxy, will be published as soon as reasonably practicable, and in any event within 28 days of this Announcement (or such later time as Viaro Bidco, Deltic and the Panel agree and, if required, the Court may approve). The Scheme Document will specify the actions to be taken by Deltic Shareholders and will contain an expected timetable for the implementation of the Scheme.

· The Scheme is expected to become Effective in Q4 of 2025, subject to the satisfaction or, where permitted, waiver of the Conditions set out in Appendix 1 to this Announcement.

Commenting on the Acquisition, Francesco Mazzagatti, CEO of Viaro Energy, said:

"Deltic's portfolio represents a natural fit with Viaro's existing assets and strategic focus in the North Sea. The Selene discovery is a key driver for this acquisition, which forms an important component of Viaro's recently announced transaction with Shell and ExxonMobil, as well as within the broader basin context. The transaction reflects our commitment to advancing key developments responsibly and with the continuity they require. By working with joint venture partners to overcome the economic challenges imposed by the current fiscal uncertainty, we aim to ensure that important developments like Selene can be successfully progressed towards production in a timely manner, and with the right level of technical and financial support."

Commenting on the Acquisition, Andrew Nunn, CEO of Deltic, said:

"Despite the difficult political and fiscal backdrop impacting the UK E&P industry over a number of years, the achievements of the Deltic team and the quality of our assets have been recognised by Viaro. This transaction provides certainty for Shareholders as well as our staff, regulators and joint venture partners who are progressing the Selene opportunity towards development for the benefit of the UK's future energy needs. We are looking forward to working with the wider Viaro team as we continue to move the Selene and Blackadder opportunities towards production and applying our proven exploration expertise to Viaro's existing and expanding portfolio of Southern North Sea licences."

Commenting on the Acquisition, Mark Lappin, Chairman of Deltic said:

"I couldn't be prouder of the journey and work of the small team within Deltic. They have progressed two major gas discoveries from two wells drilled. Given the capital required to progress our exploration successes to the next stage, it is the right time to change direction. The Acquisition by Viaro gives the Deltic business access to a different funding model, which is better suited to the current business environment and aiming to ensure discoveries are progressed and gas will be delivered to where it is needed."

This summary should be read in conjunction with, and is subject to, the full text of this Announcement and its Appendices. The Acquisition will be subject to the Conditions and further terms set out in Appendix 1 to this Announcement and to the full terms and conditions which will be set out in the Scheme Document. Appendix 2 to this Announcement contains the sources of information and bases of calculations of certain information contained in this Announcement. Appendix 3 contains a summary of the irrevocable undertakings received in relation to this Acquisition. Appendix 4 contains definitions of certain expressions used in this summary and in this Announcement.