Business
Update on Onward Sale of UK & Norway to Neptune
Update on Onward Sale of UK & Norway to Neptune.
About this update from Energean Plc
[{"type":"text","content":"\n \n \n RNS Number : 2675N\n Energean Oil & Gas PLC\n 19 May 2020\n \n \n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION\n \n \n Energean Oil & Gas plc\n (\"Energean\" or the \"Company\")\n \n \n Update on Onward Sale of Edison E&P's UK and Norway Subsidiaries to Neptune Energy\n \n \n \n London, 19 May 2020 - Energean Oil and Gas plc (LSE: ENOG, TASE: א), the oil and gas producer focused on the Mediterranean, announces that it has agreed with Neptune Energy to terminate the agreement for Neptune Energy to acquire Edison E&P's UK and Norwegian subsidiaries from Energean. The acquisition had been contingent on the closing of Energean's acquisition of Edison E&P. Neptune Energy will pay a $5 million termination fee to Energean.\n Energean remains committed to its acquisition of Edison E&P, and is working to complete the transaction as soon as possible.\n \n \n Enquiries\n \n \n \n \n \n \n \n Investors and Analysts\n \n \n \n \n \n \n \n \n \n Kate Sloan, Head of IR & ECM\n \n \n \n \n \n Media\n \n \n \n \n Tel: +44 07917 608 645 \n \n \n \n \n \n \n Sotiris Chiotakis Tel: +30 210 8174 242\n \n \n \n \n \n The information contained within this Announcement is deemed by Energean to constitute inside information as stipulated under the Market Abuse Regulation (EU) No.596/2014 (\"MAR\"). By the publication of this Announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain. The person responsible for arranging for the release of this Announcement on behalf of Energean is Russell Poynter, Company Secretary.\n \n \n \n \n \n About Energean Oil & Gas plc\n \n \n \n \n \n Energean is a London Premium Listed FTSE 250 and Tel Aviv 35 Listed E&P company with operations offshore Israel, Greece and the Adriatic. In August 2017 the Company received Israeli Governmental approval for the FDP for its flagship Karish-Tanin gas development project, where it intends to use the only FPSO in the Eastern Mediterranean to produce first gas in 2021. Energean has already signed firm contracts for 5.6 Bcm/yr of gas sales into the Israeli domestic market. Future gas sales agreements will focus on both the growing Israe...