Sale of Edison E&P’s UK and Norway subsidiaries terminated

Source: press release, 19 May 2020

photo: Energian Oil and Gas
photo: Energian Oil and Gas

Energean Oil and Gas plc, the oil and gas producer focused on the Mediterranean, has announced that it has agreed with Neptune Energy to terminate the agreement for Neptune Energy to acquire Edison E&P’s UK and Norwegian subsidiaries from Energean. The acquisition had been contingent on the closing of Energean’s acquisition of Edison E&P. Neptune Energy will pay a USD 5 million termination fee to Energean.

Energean reports that it remains committed to its acquisition of Edison E&P and is working to complete the transaction as soon as possible.