Cabot Energy terminates Civita acquisition after 18 months

Cabot Energy confirmed the termination of its proposed acquisition of the Civita portfolio of gas assets on Thursday.

The AIM-traded firm had announced the conditional acquisition from Rockhopper Mediterranean - a wholly-owned subsidiary of Rockhopper Exploration - of the portfolio of onshore production and development onshore gas assets in Italy on 8 June 2017.

“The proposed acquisition was conditional upon Italian regulatory approval which was originally expected later that year,” the Cabot board said in its statement.

“Such regulatory approval has not yet occurred, and therefore it has not been possible to satisfy all relevant conditions precedent.

“Accordingly Cabot Energy and Rockhopper have mutually agreed not to proceed with the proposed transaction.”