Caza chief executive W Michael Ford said he was disappointed to have to back out of what was “an opportunistic and innovative transaction and one which was potentially transformational for the company”.
“The original deal terms are no longer commercially viable in the current oil price environment and, whilst we sought to reach agreement on revised terms to reflect prevailing economics, this was unfortunately not possible and the decision was taken to terminate the agreement rather than incur further costs and commitments,” he said.
The
