Business
Strategic Entry Offshore Angola
Energean plc has announced a strategic entry into offshore Angola through the acquisition of Chevron's 31% operated interest in Block 14 and 15.5% non-operated interest in Block 14K for a base consideration of $260 million, with potential contingent payments up to $250 million. This acquisition, effective January 1, 2026, and expected to close by year-end 2026, will add approximately 13 kbbl/d net production and generated $119 million in Adjusted EBITDAX in 2025, with the transaction anticipated to be immediately cash flow accretive. The deal includes producing oil fields with 28 mmbbl of net 2P reserves and offers long-term growth opportunities, marking Energean's first major investment in West Africa. Disclaimer*
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\n \nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION\n \nFor immediate release\n \nEnergean plc\n(\"Energean\" or the \"Company\")\n \nStrategic entry offshore Angola via acquisition of Chevron's interest in Block 14 and Block 14K\nLondon, 12 March 2026 - Energean plc (LSE: ENOG, TASE: אנאג) is pleased to announce that it has signed an agreement to acquire Chevron's 31% operated interest in Block 14 and 15.5% non-operated interest in Block 14K, offshore Angola. This acquisition provides a platform for long-term growth in the region and is the first step in Energean's strategy to expand its operations into West Africa.\nThe Block 14 assets produce around 42 kbbl/d of oil in total[1], equivalent to 13 kbbl/d net to the interest to be acquired. Adjusted EBITDAX in 2025 was $119 million[2], and the transaction is expected to be immediately cash flow accretive to Energean.\nThe effective date of the transaction is 1 January 2026, with closing expected by the end of 2026, subject, inter alia, to government and regulatory approvals and the waiver of applicable pre-emption rights. Angola has a supportive fiscal regime and regulatory environment, and the transaction brings with it a highly skilled and experienced operating team.\nMathios Rigas, Chief Executive Officer of Energean, commented: \n\"The acquisition of a producing oil portfolio in Angola's world‑class hydrocarbon basin, highlighted by major recent discoveries, marks a landmark moment for Energean. It represents our first major investment in West Africa and is in line with our strategic focus on disciplined growth and geographic diversification.\n\"The high-quality and cash-generating Block 14 assets have stable oil production and contain long-term growth optionality, including material resource upside from the PKBB development. We are excited about the opportunity to realise the full potential of these assets, while growing our broader position in the country over time.\n\"Our proven track record in dee...