A FTSE 250-listed oil and gas explorer has struck a deal to buy EDF’s exploration and production business in a deal worth up to $850 million. Energean, which is focused on the Mediterranean, agreed to pay $750 million for Edison Exploration & Production, plus a potential $100 million after first gas from an Italian gas development expected in 2022. The deal will make Energean one of the biggest independent exploration and production businesses listed in London. Edison’s portfolio includes producing assets in Egypt, Italy, Algeria, Croatia and the North Sea. It has development assets in Egypt, Italy and Norway. Energean was founded in 2007 and is led by Greek former investment bankers, including Mathios Rigas, the chief executive and one of its biggest shareholders. It floated on the London Stock Exchange in March last year at 455p and the shares have since doubled, boosted by progress in the development of its Karish gas field off the coast of Israel and a step up in production at its Prinos oil field off Greece. The deal means EDF will no longer operate in upstream oil and gas. Edison, its Italian subsidiary, will focus on renewable power and its retail business.
Times 5th July 2019 read more »
Telegraph 4th July 2019 read more »