Energean Oil and Gas plc (LSE: ENOG, TASE: אנאג ,(the oil and gas producer focused on the Mediterranean, issues an update on its Edison E&P transaction.

Following the recently announced termination of Energean’s agreement with Neptune Energy (“Neptune”), in which Neptune was to acquire Edison E&P’s UK and Norwegian subsidiaries, Energean is in discussions with Edison S.p.A. (“Edison”) to further amend its Sale and Purchase Agreement (“SPA”), under which Energean will acquire Edison E&P. Energean expects to enter into a formal amendment to the SPA in which, inter alia, the Norwegian subsidiary of Edison E&P may be excluded from the perimeter of the transaction.

Energean will update the market if, and when, such formal amendment to the SPA is concluded with Edison, noting that there can be no certainty that an agreement on such terms can be reached.

The Algerian assets will continue to be excluded from any formally amended SPA, as previously announced in April 2020.

Based on such indicative terms Energean would retain the UK subsidiaries, which include:

- 25% working and economic interest in the 250 mmboe (gross) Glengorm discovery, the largest gas-condensate discovery in the Central North Sea in the last decade; and
- 10% in the Isabella discovery that was announced in March 2020.

About Energean Oil & Gas plc

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 5.0 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.

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.

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.