Energean Oil & Gas PLC Edison E&P Transaction Update (8234X)
23 December 2019 - 11:00PM
UK Regulatory
TIDMENOG
RNS Number : 8234X
Energean Oil & Gas PLC
23 December 2019
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
Energean Oil & Gas plc
("Energean" or the "Company")
Edison E&P Transaction Update
London, 23 December 2019 - As previously announced, Energean
entered into a conditional sale and purchase agreement ("SPA") on 4
July 2019 to acquire Edison E&P S.p.A. ("Edison E&P") from
Edison S.p.A. ("Edison"). The acquisition remains subject to
relevant government approvals, including the consent of the
relevant Algerian authorities in respect of the Edison E&P
assets located in Algeria (the "Algerian Assets").
Energean notes that Edison has received a letter from the
Algerian authorities, which invites Edison to discuss the
transaction with Sonatrach. In parallel, discussions are ongoing
between Energean and Edison to ascertain any requirement for
amendments to the SPA. Energean and Edison are also working to
agree an appropriate settlement on the total transaction
consideration to take into account any exclusion of the Algerian
Asset from the transaction perimeter.
Energean does not expect the Algerian discussions to impact upon
its ability to close the transaction on the remaining assets in the
Edison E&P portfolio. The required government approvals have
already been obtained from UK, Norway, France and Greece. Approvals
from Italy and Egypt are anticipated in the near future. Energean
is working to complete the Edison E&P acquisition as soon as is
possible in 2020, subject to the approval of its shareholders and
the other relevant governments. The sale of Edison E&P's UK and
Norwegian subsidiaries will be completed as soon as is reasonably
practicable thereafter.
Enquiries
Energean
Kate Sloan, Head of IR +44 (0) 7917 608 645
Financial PR
+44 (0) 20 3757 4983
Billy Clegg / Owen Roberts
/ Monique Perks
Camarco
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.
END
MSCKMMZZLFKGLZG
(END) Dow Jones Newswires
December 23, 2019 07:00 ET (12:00 GMT)
Energean (LSE:ENOG)
Historical Stock Chart
From Apr 2024 to May 2024
Energean (LSE:ENOG)
Historical Stock Chart
From May 2023 to May 2024