Antrim Energy has rejected an offer from Sound Oil to acquire the entire issued share capital of Antrim for shares of Sound Oil.

The firm believes it is not in the best interests of Antrim shareholders.

The Board of Directors concluded that the Intended Offer did not meet the criteria established by the company as critical to significantly enhance shareholder value.

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Stephen Greer, Chairman of Antrim's Board of Directors, said: "The Company has previously stated that it intends to use its strong balance sheet and licence holding to pursue opportunities either asset specific or corporate where a corporate combination or an acquisition would enhance shareholder value.

"At last week's annual general meeting, shareholders overwhelming demonstrated their support for continuing with this strategy."

(CD/JP)