3rd Apr 2020 09:09
(Alliance News) - Energean Oil & Gas PLC on Friday has it has agreed to amend the acquisition of Edison E&P SpA to exclude Alergian assets due to difficulties in obtaining regulatory approval.
The FTSE 250 company initially agreed to buy the oil business of Italian electricity and gas company Edison SpA for USD850 million in July 2019. It, however, subsequently said it may have to exclude Edison's assets in Algeria due to regulatory problems.
Energean on Friday confirmed it will exclude Algerian assets from the deal and consequently, the total deal consideration will be adjusted by around USD150 million.
Separately, London-headquartered Energean noted the sailing of a floating production system hull from a shipyard in China.
"The FPSO hull will now be towed to the Sembcorp Marine Admiralty Yard in Singapore, where the topsides will be integrated, before the completed FPSO is towed to the Karish field in Israel for installation and hook-up," the company said.
First gas on the Karish project off the coast of Israel is expected in the first half of 2021.
Shares in Energean were down 0.2% at 631.00 pence each in London.
By Tapan Panchal; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
Energean Oil & Gas