Energean Oil and Gas PLC and Edison SPA have amended the July 2019 purchase agreement, excluding Edison’s Algerian assets from the deal that would see Energean acquire Edison Exploration & Production from the Italian energy conglomerate.
Energean Oil and Gas PLC and Edison SPA have amended the July 2019 purchase agreement, excluding Edison’s Algerian assets from the deal that would see Energean acquire Edison Exploration & Production from the Italian energy conglomerate (OGJ Online, July 8, 2019). The change, and a decrease in total consideration of $150 million, comes as Energean and Edison were unable to obtain consent of the Algerian authorities.
According to its website, Edison holds 11.25% interest in Reggane Nord (Blocks 351c and 352c) in the southwestern sector of the Algerian Sahara Desert.
Energean is working to complete the acquisition of Edison E&P this year, subject approval of shareholders and the other relevant governments. Thereafter, completion of Energean’s agreement to sell Edison E&P's UK and Norwegian subsidiaries to Neptune Energy will be completed as soon as reasonably practicable (OGJ Online, Oct. 14, 2019).
