Energean Buys Edison's Exploration/Production Activities for 850 Million US Dollars

Energean Buys Edison's Exploration/Production Activities for 850 Million US Dollars

Energean Oil & Gas on Thursday announced that it has entered into a conditional sale and purchase agreement to acquire Edison Exploration & Production S.p.A. from Edison S.p.A. for 750 million US dollars, to be adjusted for working capital, with additional contingent consideration of 100 million payable following first gas from the Cassiopea development (expected 2022), offshore Italy.  Edison E&P’s portfolio of assets includes producing assets in Egypt, Italy, Algeria, the UK North Sea and Croatia, development assets in Egypt, Italy and Norway and balanced-risk exploration opportunities across the portfolio. The Edison E&P portfolio adds working interest 2P reserves of 292 mmboe and 2018 net working interest production of 69 kboe/d.

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