Energean has completed its acquisition of Edison Exploration & Production S.p.A. (Edison E&P) from Edison S.p.A, it said on Thursday, with a final net consideration of $203m.
The enlarged group holds operations in 9 countries in the Mediterranean and UK North Sea, with 850mmboe 2P reserves and resources, out of which 70% is gas.
Energean’s portfolio in Egypt is full-cycle, consisting of production at the 100% owned and operated Abu Qir field, development at the 100% owned and operated North El Amriya and North Idku fields and exploration optionality. The Abu Qir fields contain 88 mmboe W.I. 2P reserves and they averaged a production of 48.1 kboepd in the 9-months to 30 September 2020.
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 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 on 18 December 2020.
Mathios Rigas, CEO of Energean, said “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.”
Meanwhile, Nicolas Antony Katcharov, Energean’s Country Manager for Egypt, said that It will open for new ambitions for growth, connecting people and projects with Mediterranean focus, adding that “I am expecting at first place an acceleration of the current developments in our concessions Abu Qir, North El Amriya and North Idku, targeting to further increase production in the forthcoming years.”