Energean Oil and Gas PLC and Edison SPA have amended the July 2019 purchase agreement, excluding Edison’s Algerian assets from the deal that would see Energean acquire Edison Exploration & Production from the Italian energy conglomerate (OGJ Online, July 8, 2019). The change, and a decrease in total consideration of $150 million, comes as Energean and Edison were unable to obtain consent of the Algerian authorities.
According to its website, Edison holds 11.25% interest in Reggane Nord (Blocks 351c and 352c) in the southwestern sector of the Algerian Sahara Desert.
Energean is working to complete the acquisition of Edison E&P this year, subject approval of shareholders and the other relevant governments. Thereafter, completion of Energean’s agreement to sell Edison E&P's UK and Norwegian subsidiaries to Neptune Energy will be completed as soon as reasonably practicable (OGJ Online, Oct. 14, 2019).