Energean: Completion of Acquisition of Edison E&P

Energean has completed its acquisition of Edison Exploration & Production S.p.A. (“Edison E&P“) from Edison S.p.A. (“Edison“), the company has announced in a statement. The gross consideration* 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) is $203 million.

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.”

Highlights:

  • The deal diversifies Energean into 9 countries of operation and provides a range of organic growth opportunities
  • Increases 2P reserves and 2C resources to in excess of 850 mmboe, app. 70% of which is gas
  • Provides a clear path to get us to production of 130,000 boepd once Karish is on stream and cements our position as the largest independent E&P listed in London
  • The integration plans are well-advanced and the process is progressing smoothly