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Energean to acquire Edison E&P for revised total

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Oilfield Technology,

Energean has announced that it is to acquire Edison E&P for a revised total of US$284 million, compared to the original agreed price of US$750 million.

The reduction is a result of an agreement to exclude Edison's Norwegian assets from the transaction. The transaction also does not include Edison's Algerian assets, as previously announced.

The UK North Sea subsidiaries, which includes interests in the large Glengorm and Isabella gas-condensate discoveries, will now be retained within the perimeter of the transaction.

The Energean group will have working interest 2P reserves plus 2C resources of more than 800 million boe. 72% of this is gas, approximately 96 billion m3.

Energean is working to complete the transaction as soon as possible in 2H20.

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