Energean selling Edison Norwegian assets for $250m
Mediterranean-focused Energean Oil and Gas said it was selling Edison Exploration & Production's UK and Norwegian subsidiaries to Neptune Energy Group for $250m in cash.
The sale is contingent on Energean completing its acquisition of Edison E&P, the company said on Monday, adding that it would pay up to $30m extra if production targets are met from the Glengorm discovery in the North Sea.
Neptune will pay an additional $0.5 a a barrel for any net reserves in excess of 16m barrels of oil equivalent in a field development plan which is approved by the Oil & Gas Authority by 31 December 2025, up to a maximum of $30m, Energean said in a statement.