Energean to buy Edison’s E&P business

Energean Oil & Gas, London, has agreed to buy 100% of Edison Exploration & Production from the Italian energy conglomerate Edison SPA at a price based on an enterprise value of US$750 million.

Additional consideration of US$100 million is contingent on commissioning of the Cassiopea natural gas project in Italy.

The total value might approach US$1 billion with royalties to which Edison will be entitled from developments in Egypt.

Energean will assume all of Edison’s future decommissioning obligations.

Edison has interests in 90 licences in nine countries in the Mediterranean and Northern Europe with net production of 49,000 boe/d of oil and natural gas.

Source: Oil & Gas Journal