REG - Energean PLC - Update on Strategic Sale

EnergeanAnnouncement

17/03/2025 07:15

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RNS Number : 9003A  Energean PLC  17 March 2025

 

 Energean plc

("Energean" or the "Company")

 

Update on strategic sale of Egypt, Italy and Croatia portfolio

London, 17 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 announcement of 29 August 2024, 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 date of this announcement, certain regulatory approvals in Italy and
Egypt have not yet been obtained by Carlyle (or waived) and the Company has no
assurance that such conditions will be satisfied on or before 20 March 2025 in
accordance with the terms of the binding Sale and Purchase Agreement ("SPA")
signed on 19 June 2024. Additionally, as of the date of this announcement, the
Company has not been able to reach agreement with Carlyle to extend the
longstop date beyond 20 March 2025. Accordingly, there is a significant risk
that the outstanding conditions precedent will not be satisfied (or waived) by
the relevant long stop date and that, therefore, (absent an extension being
agreed) the Transaction may be terminated in accordance with the provisions of
the SPA.

Energean remains committed to closing the Transaction under the terms of the
SPA and to maximising return for shareholders including via its ongoing
dividend programme - with or without the disposal. Energean continues to focus
on achieving its key business drivers: paying a reliable dividend,
deleveraging, growth and our commitment to Net Zero.

A further announcement will be issued in due course as required.

Mathios Rigas, Chief Executive of Energean, commented:

"Although the necessary regulatory approvals have not yet been obtained by
Carlyle, we remain committed to closing the Transaction. These are
high-quality, diversified assets with significant growth potential and, if the
Transaction does not close, we will assess all strategic options, focussing,
as always, on the best interests of our shareholders keeping in mind the need
for diversification, scale, dividend accretion and growth."

 

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

 

 

Forward looking statements

This announcement contains statements that are, or are deemed to be,
forward-looking statements. In some instances, forward-looking statements can
be identified by the use of terms such as "projects", "forecasts", "on track",
"anticipates", "expects", "believes", "intends", "may", "will", or "should"
or, in each case, their negative or other variations or comparable
terminology. Forward-looking statements are subject to a number of known and
unknown risks and uncertainties that may cause actual results and events to
differ materially from those expressed in or implied by such forward-looking
statements, including, but not limited to: general economic and business
conditions; demand for the Company's products and services; competitive
factors in the industries in which the Company operates; exchange rate
fluctuations; legislative, fiscal and regulatory developments; political
risks; terrorism, acts of war and pandemics; changes in law and legal
interpretations; and the impact of technological change. Forward-looking
statements speak only as of the date of such statements and, except as
required by applicable law, the Company undertakes no obligation to update or
revise publicly any forward-looking statements, whether as a result of new
information, future events or otherwise. The information contained in this
announcement is subject to change without notice.

 

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