Energean announces the acquisition of Edison E&P

Energean, the oil and gas group, has completed the acquisition of Edison Exploration & Petroleum (E&P). According to Energean, this is a transformational deal for Energean, providing immediate and material increases in cash flow and access to future growth opportunities. This will also create one of the largest hydrocarbon exploration and production companies listed on the London Stock Exchange. The gross enterprise value for the transaction is $ 284 mln.

London, United Kingdom: 17 December 2020

Mathios Rigas, the 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.

Energean is a London-based independent E&P company focused on developing resources in the Mediterranean and UK North Sea. Energean is committed to sustainable development and to be a net zero emitter by 2050. The company operates production, development and exploration assets and running projects in 9 countries in the Mediterranean and the North Sea with an excellent HSE track record. Energean has an approximately 70% gas weighted portfolio with 850 Mmboe 2P reserves and 2C resources. Production comes mainly from the Abu Qir fields in Egypt, and fields in Italy, Greece, Croatia and the UK, while its flagship development assets are the multi-tcf Karish, Karish North and Tanin gas fields.

Founded on 28 August 2008 in London, Edison E&P UK Ltd operates as an oil and gas production company. Edison E&P UK Ltd owns participating interests in

three producing assets offshore gas fields (Kilmar, Garrow and Wenlock, collectively known as Tors and Wenlock with a non-operated equity stake of 68% and 80% respectively);
two offshore oil fields (Scott and Telford, with a non-operated stake of 10.47% and 15.65%).

Navigator Consulting supports property and tourism investments in Greece and Cyprus, and has extensive experience in due diligence on tourism and property investments.

Philip Ammerman

Managing Director

info@navigator-consulting.com

Sources:

Completion of Acquisition of Edison E&P

Energean. 17 December 2020

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