Baku, Azerbaijan, July 4
By Leman Zeynalova – Trend:
Energean the oil and gas producer focused on the Mediterranean 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, 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, Trend reports citing Energean.
“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,” said the message from Energean.
Reportedly, the acquisition of Edison E&P on attractive metrics is in line with Energean’s stated strategy of creating the leading independent, gas-focused E&P company in the Mediterranean.
“It will significantly increase Energean’s scale and diversification by adding a complementary portfolio of accretive development, appraisal and exploration opportunities, whilst immediately contributing EBITDAX and cashflow to support the Enlarged Group’s strategic growth and medium term ambition to start paying a dividend,” said the company.
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