{"id":572576,"date":"2020-06-30T04:28:07","date_gmt":"2020-06-30T04:28:07","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/30\/energean-is-buying-less-of-edisons-oil-and-gas-assets-but-egypt-is-still-part-of-the-transaction\/"},"modified":"2020-06-30T04:28:07","modified_gmt":"2020-06-30T04:28:07","slug":"energean-is-buying-less-of-edisons-oil-and-gas-assets-but-egypt-is-still-part-of-the-transaction","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/30\/energean-is-buying-less-of-edisons-oil-and-gas-assets-but-egypt-is-still-part-of-the-transaction\/","title":{"rendered":"Energean is buying less of Edison\u2019s oil and gas assets, but Egypt is still part of the transaction"},"content":{"rendered":"

<\/a> M&A WATCH- Energean is buying less of Edison\u2019s oil and gas assets, but Egypt is <\/strong>still part of the transaction<\/strong>:<\/strong> Edison has agreed to cut the price at which it sell its oil and gas portfolio to Energean by more than 60% to USD 284 mn after its assets in Norway and Algeria were removed from the agreement, Energean said in a statement (pdf)<\/a>. Energean agreed in July 2019 to pay as much as USD 850 mn<\/a> for the Italian company\u2019s entire portfolio but last month asked for a revaluation<\/a> in light of the coronavirus pandemic\u2019s impact on the energy markets.<\/p>\n

What has changed?<\/strong> The new assessment excludes the company\u2019s Algerian assets worth USD 155 mn and its Norwegian subsidiary worth USD 200 mn. Edison has also agreed to a USD 111 mn discount to account for the recent weakening of oil and gas prices since the onset of the virus. The additional USD 100 mn payment conditional on gas production from the Italian Cassiopeia will now vary between USD 0-100 mn, depending on future Italian gas prices.<\/p>\n

Edison\u2019s Egypt portfolio remains unaffected:<\/strong> Edison\u2019s Egypt oil and gas assets make up 24% of the company\u2019s portfolio and include three producing concessions and six exploration concessions.<\/p>\n

Energean is happy:<\/strong> \u201cWe are pleased to have agreed revised terms for our acquisition of Edison E&P \u2026 which I believe represents excellent value for our shareholders,\u201d CEO Mathios Riga said.<\/p>\n

Going forward:<\/strong> Energean has signed a USD 220 mn loan agreement with ING, Natixis, and Deutsche Bank and is waiting for final approvals from regulators before the company\u2019s shareholders meet on 20 July. The company wants to close the transaction \u201cas soon as possible\u201d during the second half of 2020, the statement says.<\/p>\n

Egypt is key to closing the transaction <\/strong>as the company noted it could be executed later this year; Regulatory approval from Egypt will be the final step, it added. The Oil Ministry approved the acquisition in principle last year<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

M&A WATCH- Energean is buying less of Edison\u2019s oil and gas assets, but Egypt is still part of the transaction: Edison has agreed to cut the price at which it sell its oil and gas portfolio to Energean by more than 60% to USD 284 mn after its assets in Norway and Algeria were removed […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[3678,198,72,336,7128,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-572576","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-edison","tag-energean","tag-enterpriseam","tag-italy","tag-ma-watch","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"033e82a3-9d46-4c8c-a8c5-e8e042240420","is_powered_by":true,"section_story_id":"82f7037f-4711-42cd-a7d1-7f4f6ab1f06e","story_type":"1","photo_url":"","photo_position":"above","related_issue":[572568],"teaser":"","voice_url":""},"yoast_head":"\nEnergean is buying less of Edison\u2019s oil and gas assets, but Egypt is still part of the transaction - 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The Greek energy company will remain committed\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":559485,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/24\/energean-ramping-up-spending-at-former-edison-assets\/","url_meta":{"origin":572576,"position":5},"title":"Energean ramping up spending at former Edison assets","author":"enterpriseam admin","date":"24 January 2021","format":false,"excerpt":"Energean is planning to spend some USD 235 mn to develop the North Amriya and North Idku concessions offshore Egypt, the Greek company said in a statement (pdf) on Thursday, its first major investment in its Egypt assets since acquiring them from Edison last year. 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