DEO Petroleum updated proposed acquisition of North Sea assets from Nexen, placing to raise £16 million and readmission to trading on AIM.
David Marshall, Chief Executive Officer, commented, "This is an exciting time for DEO as we make our first acquisition. We have a proven and experienced management team who have successfully developed and commercialized North Sea assets in recent times. By applying advanced subsea technology and first class drilling operations to stranded assets we aim to become the leading independent operator of high value subsea developments in the Central North Sea."
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