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Cabot Energy confirms Civita deal won’t go ahead

The deal agreed between Cabot and Rockhopper in 2017 won't be completed
oil and gas operations
Italian regulatory approval was not received

Cabot Energy Plc (LON:CAB) has confirmed that its deal to acquire the Civita asset in Italy from Rockhopper Exploration Plc (LON:RKH) will not proceed.

It follows a broader corporate update from Rockhopper earlier today.

READ: Cabot Energy seeking to tap the market for short-term capital

In a stock market statement, Cabot told investors that the deal had been conditional upon Italian regulatory approval which was not obtained.

Accordingly, the company said it has not been possible to satisfy all relevant conditions of the deal and therefore both companies have mutually agreed not to proceed with the transaction.

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