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RNS Number : 6006B Energean PLC 21 March 2025
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Energean plc
("Energean" or the "Company")
Termination of strategic sale of Egypt, Italy and Croatia portfolio
London, 21 March 2025 - Energean plc (LSE: ENOG, TASE: אנאג) today
provides an update on the proposed sale of its portfolio in Egypt, Italy and
Croatia to an entity controlled by Carlyle International Energy Partners
("Carlyle") (the "Transaction").
As noted in the Company's announcements of 29 August 2024 and 17 March 2025,
completion of the Transaction is conditional upon customary regulatory
approvals in Italy and Egypt together with antitrust approvals in Italy, Egypt
and Common Market for Eastern and Southern Africa. The Transaction is subject
to such conditions being satisfied by a longstop date of 20 March 2025 (or
such other date as may be agreed by Energean and Carlyle).
As of the longstop date, certain regulatory approvals in Italy and Egypt were
not obtained by Carlyle (or waived), in accordance with the terms of the
binding Sale and Purchase Agreement ("SPA") signed on 19 June 2024.
Additionally, the Company has not been able to reach agreement with Carlyle to
extend the longstop date beyond 20 March 2025.
Accordingly, the Company has today terminated the SPA and will no longer
proceed with the Transaction.
Energean will provide an update to the market in its May Trading Statement
& Operational Update which will contain:
· Updated 2025 production and financial guidance for the Group
perimeter (including Egypt, Italy and Croatia).
· A strategy update on the forward-plan opportunities for the
Egypt, Italy and Croatia assets.
· The Group's new dividend policy (as previous envisaged to be
announced upon Transaction closing or termination).
Mathios Rigas, Chief Executive of Energean, commented:
"Today, we are announcing the termination of our transaction with Carlyle.
This decision was made in the best interests of all our stakeholders,
including our employees, investors, host governments, and partners. These
groups rely on clarity of ownership and responsible stewardship to ensure the
effective management of our vital oil and gas assets, and we remain fully
committed to meeting these expectations.
"While I am disappointed that Carlyle was unable to obtain the necessary
approvals in Italy and Egypt under the terms of the SPA, I want to reaffirm
that this outcome does not change our strategic direction or our commitment to
growth and shareholder returns. Energean remains a strong, diversified oil and
gas company, and we are excited to continue building on our successes.
"Italy, Egypt and Croatia will remain core pillars of our operations, and we
look forward to driving further investment, development, and value creation in
all countries. Our commitment to the Mediterranean and the wider region is
unwavering, and we will continue to expand our portfolio, support energy
security, and deliver sustainable growth in the years ahead.
"We appreciate the continued trust and support of our stakeholders as we move
forward in this next phase of our journey."
Enquiries
For capital markets: ir@energean.com (mailto:ir@energean.com)
Kyrah McKenzie, Investor Relations Manager Tel: +44 (0) 7921 210 862
For media: pblewer@energean.com (mailto:pblewer@energean.com)
Paddy Blewer, Corporate Communications Director & Head of CSR Tel: +44 (0) 7765 250 857
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