Sound Oil has withdrawn its offer to acquire Antrim Energy amidst the global drop in oil prices.
The company, which revealed its intentions to make an offer in November last year, said they were no longer proceeding any further with the deal.
Antrim Energy said at the time it would consider the £6.35million offer.
A spokesman for the company said: “Sound Oil confirms that following the continued deterioration of the oil price and the resultant reduction in global appetite for deep water exploration, the Company has decided, having re-evaluated Antrim’s assets, not to proceed further with an offer for Antrim at this time.”
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