Energean: Acquisition of Edison E&P, A Transformational Deal

Energean agreed with Edison to acquire Edison E&P. This is a transformational deal for Energean providing immediate and material increases in cash flow and access to future growth opportunities, creating one of the largest E&P companies listed on the London Stock Exchange

Highlights

-Acquisition of Edison E&P for gross consideration of $284 million.

-The deal creates one of the largest independent E&P companies on the London and the Tel Aviv Stock Exchanges, with more than 800 mmboe 2P reserves and 2C resources, 72% of which is gas, and a clear path to production of 130,000 boepd, once the Karish field, offshore Israel, comes on stream.

-The $100 million Cassiopea contingent payment will now vary between $0 and $100 million, depending on future Italian gas prices

-A $220 million Reserve Based Lending facility has been signed with ING, Natixis and Deutsche Bank and has replaced the acquisition bridge facility that was put in place on 3 July 2019.

-The Edison E&P assets in Algeria and Norway have been excluded from the perimeter of the deal.

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