Energean plc (LSE: ENOG, TASE: אנאג) 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 (= enterprise value. The acquisition is based on a cash and debt free basis) 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
"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”
Energean CEO Mathios Rigas (left) and Edison CEO Nicola Monti
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
