Update on Onward Sale of UK & Norway to Neptune
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
Energean Oil & Gas plc
("Energean" or the "Company")
Update on Onward Sale of Edison E&P's UK and Norway Subsidiaries to Neptune Energy
London, 19 May 2020 - Energean Oil and Gas plc (LSE: ENOG, TASE: א), the oil and gas producer focused on the Mediterranean, announces that it has agreed with Neptune Energy to terminate the agreement for Neptune Energy to acquire Edison E&P's UK and Norwegian subsidiaries from Energean. The acquisition had been contingent on the closing of Energean's acquisition of Edison E&P. Neptune Energy will pay a $5 million termination fee to Energean.
Energean remains committed to its acquisition of Edison E&P, and is working to complete the transaction as soon as possible.
Enquiries
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Investors and Analysts |
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Kate Sloan, Head of IR & ECM
Media |
Tel: +44 07917 608 645 |
Sotiris Chiotakis Tel: +30 210 8174 242
The information contained within this Announcement is deemed by Energean to constitute inside information as stipulated under the Market Abuse Regulation (EU) No.596/2014 ("MAR"). By the publication of this Announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain. The person responsible for arranging for the release of this Announcement on behalf of Energean is Russell Poynter, Company Secretary.
About Energean Oil & Gas plc
Energean is a London Premium Listed FTSE 250 and Tel Aviv 35 Listed E&P company with operations offshore Israel, Greece and the Adriatic. In August 2017 the Company received Israeli Governmental approval for the FDP for its flagship Karish-Tanin gas development project, where it intends to use the only FPSO in the Eastern Mediterranean to produce first gas in 2021. Energean has already signed firm contracts for 5.6 Bcm/yr of gas sales into the Israeli domestic market. Future gas sales agreements will focus on both the growing Israeli domestic market and key export markets.
Energean has nine exploration licences offshore Israel, and a 25-year exploitation licence for the Katakolo offshore block in Western Greece and additional exploration potential in its other licences in Western Greece and Montenegro.
On 4 July 2019, Energean announced the conditional acquisition of Edison E&P for $750 million plus $100 million of contingent consideration. On 23 December 2019, Energean announced the exclusion of the Algerian assets from the transaction. The acquisition of Edison E&P, exclusive of the Algerian assets is expected to be finalised in 3Q 2020.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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