Infinity Energy drops South Wales expansion plans

22nd Dec 2015 08:11

(ShareCast News) - Infinity Energy's expansion plans seemingly fell victim to the deepening commodities rout on Tuesday, as oil prices fell further.The AIM-listed energy firm had announced on 15 October that it was in discussions with Australian firm Eden Energy about acquiring nine petroleum exploration and development licenses in South Wales.As the acquisition would have represented a reverse takeover under AIM rules, trading in Infinity's ordinary shares was suspended pending either the publication of an admission document or a decision that the proposal would not proceed."The company today announces that these discussions have been terminated and the acquisition of the licenses from Eden Energy will now no longer take place", Inifnity Energy said in a statement."Accordingly, the company has requested the resumption of trading of its shares on AIM/ Trading in the company's ordinary shares will be resumed with effect from 0730 GMT today."