17th Mar 2025 10:00
(Alliance News) - Energean PLC on Monday said there is "significant risk" that the agreement to sell its portfolio in Egypt, Italy and Croatia to Carlyle International Energy Partners may fall through.
Energean is a London-based energy production, development and exploration company and possesses a portfolio of assets across the Mediterranean and UK North Sea. Carlyle International Energy Partners was formed by private equity firm Carlyle Group.
Energean said some regulatory approvals in Italy and Egypt have not yet been obtained by Carlyle.
The firm said it has "no assurance" that these will be achieved before the longstop deadline on Thursday.
Energean said it had also been unable to reach an agreement with Carlyle to extend the deadline.
"Accordingly, there is a significant risk that the outstanding conditions precedent will not be satisfied (or waived) by the relevant long stop date and that, therefore, (absent an extension being agreed) the transaction may be terminated," Energean said.
Energean in June last year announced it would sell its oil and gas portfolio in Egypt, Italy and Croatia in order to focus on its gas fields in Israel and Morocco. The company said the deal is worth up to USD945 million.
The company said it "remains committed to closing the transaction".
Shares in Energean were down 5.5% to 888.50 pence in London on Monday morning.
By Michael Hennessey, Alliance News reporter
Comments and questions to [email protected]
Copyright 2025 Alliance News Ltd. All Rights Reserved.
Related Shares:
Energean Oil & Gas