Edison announces that the sale and purchase agreement (“SPA”) announced on 4 July 2019 to sell Edison E&P S.p.A. to Energean Capital Ltd is still subject to some governmental approvals.

Edison has been invited by Algerian authorities to discuss with Sonatrach the agreement in respect of the E&P assets located in Algeria (the “Algerian Assets”).

Edison and Energean are collaborating to meet the SPA’s conditions and confirm the objective to close the transaction as soon as possible in 2020.

About Edison

Edison is a leading Italian and European operator in the supply, production and sale of electricity, in energy and environmental services. Founded over 135 years ago, Edison has contributed to the electrification and development of Italy. It now operates in Italy, Europe and the Mediterranean basin, employing 5,000 people. Edison’s electric power plants have a total capacity of 6.4 GW in Italy.

About Energean Oil & Gas plc

Energean is a London Premium Listed FTSE 250 and Tel Aviv 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 5.0 Bcm/yr of gas sales into the Israeli domestic market. Future gas sales agreements will focus on both the growing Israeli domestic market and key export markets in the region.
Energean has nine exploration licences offshore Israel, and a 25-year exploitation licence for the Katakolo offshore block in Western Greece and additional exploration potential in its other licences in Western Greece and Montenegro.