Share Prices & Company Research

Market News

19 May 2020 | 07:50

Energean ditches sale of Edison UK, Norway assets

(Sharecast News) - Energean Oil & Gas said it had terminated a £225m deal to sell the UK and Norwegian assets it acquired from Italy's Edison last year. The company said it was in talks with buyer Neptune Energy to amend the agreement to exclude the Norwegian unit from the transaction.

Neptune, which is backed by private equity, on Tuesday said it would pay £4m to scrap the deal which would have given it 25% of the 250m barrels of oil equivalent from the Glengorm discovery in the UK's North Sea.

Energean's plans to dispose of the assets relied on it completing the Edison acquisition, which it had hoped to complete by the end of 2019, but delays have stalled the process. In April, Energean and Edison firmed agreed to exclude Algerian assets from their deal, cutting the value by £120m.

If the deal goes through, Energean would retain Edison's UK portfolio, which includes the stake in Glengorm, the largest gas condensate discovery in the Central North Sea in the last decade and operated by Chinese firm Cnooc, and 10% of the Isabella field, announced as a discovery earlier this year.

Neptune said it would "continue to pursue its pipeline of global development projects and other growth opportunities".
Get in touch today
Join Redmayne Bentley
Talk to us now about opening a new account or transferring your account from another provider
0113 243 6941
Get in touch today
Contact your local office
Contact your local office to find out more
The value of your investments and the income from them may go down as well as up, and you could get back less than you invested.
Continuing our Personal Service: View our Latest COVID-19 Update: 10th July 2020
We use cookies on this site to improve your experience and help us provide you with a better website. An explanation of the cookies we use and their purpose can be found within our Cookie Policy. Your continued use of this site means you consent to the use of cookies.