Energean PLC Completion of Acquisition (0333J)
December 17 2020 - 7:40AM
UK Regulatory
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
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END
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