Antrim Energy is set to consider a £6.35million offer from Sound Oil.
The Canada-focused company said it will consult with its board and legal and financial advisers following the takeover bid.
Mediterranean-focused explorer Sound Oil announced yesterday its desire to purchase the company.
Antrim Energy said prior to the announcement by Sound Oil it had attempted to engage in preliminary discussions regarding any takeover.
The company also said its board would “carefully review and evaluate” the offer and look to pursuing a course of action which would maximise shareholder value.
It said: “The company was and remains concerned by Sound Oil’s previous unwillingness to allow the company to undertake normal due diligence procedures which the board considers important for achieving a fair outcome in the interest of all of Antrim shareholders.
“The company invites Sound Oil to engage with Antrim in a conventional dialogue.”
Last year, Antrim Energy suffered losses of £23million last year and more than £80million in 2012 as increased impairment charges and delays on its Causeway asset took a big toll on its finances.
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