Energean to buy Edison’s E&P business
Energean Oil & Gas, London, has agreed to buy 100% of Edison Exploration & Production from the Italian energy conglomerate Edison SPA at a price based on an enterprise value of $750 million.
Additional consideration of $100 million is contingent on commissioning of the Cassiopea natural gas project in Italy (OGJ Online, July 24, 2008). The total value might approach $1 billion with royalties to which Edison will be entitled from developments in Egypt.
Energean will assume all of Edison’s future decommissioning obligations.
Edison has interests in 90 licenses in nine countries in the Mediterranean and Northern Europe with net production of 49,000 boe/d of oil and natural gas.