British oil and gas company Energean plc has entered into an agreement to sell assets in Egypt, Italy and Croatia to a company managed by Carlyle International Energy Partners. This is reported in the Energean press release.
The transaction value is $945 million plus a conditional payment of $/bbl. n.e. related to the recent discovery of the Location B well in Egypt, which is more than three times the initial cost of acquiring assets for $284 million in 2020 from Edison E&P.
Using the proceeds from the transaction, Energean plans to repay corporate bonds in the amount of $450 million and pay special dividends of up to $200 million. In addition, the deal allows Energean to optimize its asset portfolio and focus on the implementation of gas production projects, in particular at the Karish fields in Israel and Anchois in Morocco.
Energean aims to expand its presence in the Mediterranean, the Middle East and Africa, especially in those regions where there is a long-term policy of using gas in the energy sector and displacing coal from the energy sector. The company also intends to establish a Carbon Storage Hub in Greece and the Mediterranean region through its subsidiary EnEarth.
The transaction is expected to be completed at the end of 2024, subject to obtaining permits from regulatory authorities.
Energean is an international hydrocarbon exploration and production company. The shares are listed on the London and Tel Aviv Stock Exchanges. The headquarters is located in London (England).
Carlyle International Energy Partners is one of the largest investment funds. The company has assets worth more than $147 billion under management. The headquarters is located in Washington (USA).
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