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Neptune Energy ends deal for Edison E&P's UK and Norway assets

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Oilfield Technology,

Neptune Energy has agreed to terminate the agreement to acquire Edison E&P’s UK and Norwegian subsidiaries from Energean Oil and Gas.

Neptune will pay a US$5 million termination fee to Energean.

Energean is now in discussions with Edison S.p.A. to further amend its sale and purchase agreement (SPA), under which Energean will acquire Edison E&P. Energean expects to enter into a formal amendment to the SPA in which, inter alia, the Norwegian subsidiary of Edison E&P may be excluded from the perimeter of the transaction.

Edison's Algerian assets will continue to be excluded from any formally amended SPA, as previously announced in April 2020.

Based on such indicative terms Energean would retain the UK subsidiaries, which include a 25% working and economic interest in the 250 million boe (gross) Glengorm discovery, the largest gas-condensate discovery in the Central North Sea in the last decade; and 10% in the Isabella discovery that was announced in March 2020.

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