Canadian-based, North Sea and Ireland focused explorer Antrim Energy is seeking to wind up.
At its annual and special meeting on Tuesday (30 August), the firm will consider approval to voluntarily dissolve the corporation, delist from the Toronto Stock Exchange and cancel admission on the AIM index.
Meanwhile, the firm, which divested its producing UK oil and gas assets in 2014, has also obtained 100% working interest in Frontier Exploration License 1/13, offshore Ireland, and had been looking at possible mergers and acquisitions activity and other strategic alternatives.
Antrim says the junior oil and gas sector was already depressed and that the decline in the oil price made the situation worse.
"While many speculated that this would lead to an increase in M&A activity, to date this has not occurred due to continued volatility in what has been an extended downward market," the firm says.
Antrim was eying two "highly prospective" Jurassic fault blocks and one Cretaceous submarine fan system in FEL 1/13, alongside other leads.
FEL 1/13 has a 15-year term, with an initial three-year term followed by three four-year terms. The initial three-year term expired in early July 2016 and Antrim previously submitted a request to extend the first exploration term by an additional two years, which request requires the approval of the Irish authorities.
Antrim is currently seeking another company to participate in the license and complete any additional technical work necessary during the period of any extension granted by the Irish authorities.
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