TIDMENOG

RNS Number : 0333J

Energean PLC

17 December 2020

Energean plc

("Energean" or the "Company")

Completion of Acquisition

London, 17 December 2020 - Energean plc (LSE: ENOG, TASE: ) is pleased to announce that it has completed its acquisition of Edison Exploration & Production S.p.A. ("Edison E&P") from Edison S.p.A. ("Edison"). The gross consideration [1] for the transaction, as at the locked box date of 1 January 2019, is $284 million and the final net consideration (net of cash acquired), as of today, is $203 million.

In connection with the completion of the acquisition of Edison E&P, an application has been made to the Financial Conduct Authority and to the the London Stock Exchange for 177,089,406 ordinary shares of 1 pence each in the Company to be re-admitted to the premium listing segment of the Official List of the Financial Conduct Authority and to trading on the main market for listed securities of the London Stock Exchange. Re-admission is expected to occur at 8am on 18 December 2020.

Mathios Rigas, CEO of Energean, commented:

"Completion of our acquisition of Edison E&P marks a key milestone along our path to becoming the leading independent, gas-producer in the Mediterranean and significantly advances us towards our goal of delivering material free cash flows and shareholder returns in a sustainable way"

Enquiries

 
 Investors and Analysts 
 Kate Sloan, Head of IR &   Tel: +44 (0)7917 608 645 
  ECM 
 
  Media 
 
   Sotiris Chiotakis                                                 Tel: +30 210 8174 242

About Energean plc

Established in 2007, Energean is a London Premium Listed FTSE 250 and Tel Aviv 35 Listed E&P company with operations in nine countries across the Mediterranean and UK North Sea. Since IPO, Energean has grown to become the leading independent, gas-focused E&P company in the Eastern Mediterranean, with a strong production and development growth profile. The Company explores and invests in new ideas, concepts and solutions to produce and develop energy efficiently, at low cost and with a low carbon footprint.

Energean's production comes mainly from the Abu Qir field in Egypt, and fields in Southern Europe and the UK. The company's flagship project is the 3.5 Tcf Karish, Karish North and Tanin development offshore Israel, where it intends to use the newbuild fully owned FPSO Energean Power, which will be the only FPSO in the Eastern Mediterranean to produce first gas, commencing 4Q-2021. Energean has signed firm contracts for 7.4 Bcm/yr of gas sales into the Israeli domestic market, which have floor pricing, take-or-pay and/or exclusivity provisions that largely insulate the project's revenues against global commodity price fluctuations and underpin Energean's goal of paying a meaningful and sustainable dividend.

With a strong track record of growing reserves and resources, Energean is focused on maximising production from our large-scale gas-focused portfolio to deliver material free cash flow and maximise total shareholder return in a sustainable way. ESG and health and safety are paramount to Energean; it aims to run safe and reliable operations, whilst targeting carbon neutrality across its operations by 2050. These aspirations have been significantly advanced with the completion of the Edison E&P acquisition in December 2020.

www.energean.com

[1] Enterprise value. The acquisition is based on a cash and debt free basis

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.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

ACQZZMMZZNRGGZM

(END) Dow Jones Newswires

December 17, 2020 07:40 ET (12:40 GMT)

Energean (LSE:ENOG)
Historical Stock Chart
From Apr 2024 to May 2024 Click Here for more Energean Charts.
Energean (LSE:ENOG)
Historical Stock Chart
From May 2023 to May 2024 Click Here for more Energean Charts.