“We have all lost a great friend who was always generous with his time, wise counsel and support. It is a huge understatement to say he will be deeply missed by us all,” said the group.
“Due to difficult market conditions and the outcome of the UK referendum on exiting the European Union, the company has been unable to complete the fundraising,” it said.
It is paying £805,427 in cash and stock. Under the terms of the deal, the AIM-listed marketing and communications group can buy the remaining 34% in two separate tranches a year apart.
The North America focussed oil junior exited 21 wells during the three months to June 30, though targeted investments will shortly see new productive wells coming online. The divested wells were described as being “uneconomic with little or no value”.
Meanwhile, AFC Energy plc (LON:AFC) has signed a joint development agreement with an Italian firm called Industrie De Nora designed to “accelerate the commercialisation” of former’s fuel cell technology.
The pair plan to widen the collaboration to develop new products based around AFC’s technology subject to the “satisfactory progress” of the initial collaboration.
Bagpuss is located in the in the Outer Moray Firth, and was drilled to a depth of 1,532 feet. The well encountered 41 feet of hydrocarbon-bearing sands within a 68 feet hydrocarbon column.
The technology uses additives that encourage oil–based plastic to decompose more easily in environments such as the sea.
Earlier this week the company announced that its Mexican venture had signed a deal with PEMEX, the national oil company, to provide services.
“In contrast to the recent gyrations and doom-saying in the stock and currency markets following June's Brexit vote, trading in the real world at our Advantage motor finance business continues as strong and consistent as ever,” the company’s statement said.