Business
Announcement Pursuant to UK Listing Rule 7.3
Announcement Pursuant to UK Listing Rule 7.3.
About this update from Energean Plc
[{"type":"text","content":"\n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION\nANNOUNCEMENT PURSUANT TO UK LISTING RULE 7.3\nFor immediate release\nEnergean plc\n(\"Energean\" or the \"Company\")\nStrategic sale of Egypt, Italy and Croatia portfolio\nLondon, 29 August 2024 - Energean plc (LSE: ENOG, TASE: אנאג) is pleased to provide further information regarding the strategic sale of its Egyptian, Italian and Croatian portfolio to an entity controlled by Carlyle International Energy Partners (\"Carlyle\") (the \"Transaction\") as announced on 20 June 2024 (the \"Original Announcement\"). \nThis announcement is made on the basis that the Transaction amounts to a significant transaction for the purposes of UKLR 7.3 (as came into effect on 29 July 2024). This announcement includes the additional information required to be disclosed in accordance with the requirements of UKLR 7.3.1R and UKLR 7.3.2R (as required by UKLR TP 6 6.5R(2) for a mid-flight transaction) and is supplemental to, and should be read in conjunction with, the Original Announcement. Certain information contained in the Original Announcement (accessible at Energean's website) is restated in this announcement.\nTransaction terms and consideration\nOn 19 June 2024, Energean plc entered into a sale and purchase agreement (the \"Sale and Purchase Agreement\") with CIEP Spin BidCo Limited (the \"Buyer\"), an entity controlled by Carlyle, pursuant to which the Buyer agreed to purchase the entire issued share capital of Energean Capital Limited (the \"Target\"). The Target is the intermediate holding company of Energean's Egypt, Italy and Croatian assets. The consideration for the acquisition of the Target comprises a total enterprise value of up to $945 million, of which $820 million is firm, plus a $/boe contingent payment linked to the recent Location B well in Egypt. This is over a 3x increase versus the original acquisition value of $284 million in 2020[1], equalling an EV/2P multiple of $5.4/boe (versus c.$1.2/boe)[2].\nThe economic effective date of the Transaction is 31 December 2023 (\"Effective Date\").\nAfter enterprise value to equity value adjustments as at the Effective Date, Energean will receive:\n·&n...