RCS - Neptune Energy Group - Proposed Acquisition of Neptune Energy

Eni SpAAnnouncement

23/06/2023 08:15

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RNS Number : 7193D  Neptune Energy Group Holdings Ltd  23 June 2023

23 June 2023

 

Proposed acquisition of Neptune Energy by Eni and Vår Energi

 

Neptune Energy today announced that Eni International BV ("Eni") has signed a
sale and purchase agreement to acquire Neptune Energy Group Limited
("Neptune"), with Vår Energi ASA ("Vår Energi") simultaneously signing an
inter-conditional sale and purchase agreement to acquire Neptune Energy Norge
AS for an aggregate enterprise value (subject to customary adjustments) of
$4.9 billion.

 

Neptune's business in Germany is not part of the transactions and will
continue to be owned and operated by the ultimate existing Neptune
shareholders as a standalone group.

 

Clear strategic and value drivers

 

The Boards of Eni, Vår Energi and Neptune believe the proposed combinations
will enhance their technical and financial capabilities to provide energy
security and participate in the energy transition.

 

The existing upstream portfolios of the companies are low carbon intensity
gas-focused, with complementary geographic exposure, providing Eni and
Vår Energi with increased scale in growth areas and high-value markets, and
enhanced decarbonisation opportunities.

 

Conditions for completion

 

Completion of the acquisitions is conditional upon, among other things, the
receipt of necessary regulatory and governmental clearances. The transactions
are expected to close by the end of Q1 2024.

 

Sam Laidlaw, Executive Chairman of Neptune Energy, said: "Since Neptune's
formation in 2018, we have invested in the business and transformed the
organisation, resulting in material improvements in safety, operational
performance and cost efficiency.

 

"I am incredibly proud of Neptune's achievements over the past five years -
and the hard work and dedication of so many people across our organisation,
who, together with our shareholders, have contributed to the growth and
success of the business.

 

"This transaction offers a new and exciting phase for Neptune, with
significant growth opportunities supporting energy security and the energy
transition, which will benefit from Eni's and Vår Energi's larger scale and
available resources."

 

- ends -

 

 

 Media                                                                      Investors

 Gavin Roberts                                                              Will Arnstein

 +44 (0) 7704 308138                                                        +44 (0) 7760 783895

 gavin.roberts@neptuneenergy.com (mailto:gavin.roberts@neptuneenergy.com)   william.arnstein@neptuneenergy.com (mailto:william.arnstein@neptuneenergy.com)

 

 

Advisors

Neptune Energy and its shareholders were advised on the transaction by Goldman
Sachs International, Rothschild & Co, Freshfields Bruckhaus Deringer LLP
and Advokatfirmaet BAHR AS.

 

About Neptune Energy Group

Neptune Energy is an independent global E&P company with operations across
Europe, North Africa, and Asia Pacific. The business had production of 135,000
net barrels of oil equivalent per day in 2022 and 2P reserves at 31st December
2022 of 552 million barrels of oil equivalent. Neptune aims to store more
carbon than is emitted from its operations and the use of its sold products by
2030. The Company, founded by Sam Laidlaw, is owned by CIC and funds advised
by Carlyle Group and CVC Capital Partners and certain management owners.

 

More information: www.neptuneenergy.com (http://www.neptuneenergy.com)

 

About Eni

Eni is a global, integrated energy company dedicated to achieving carbon
neutrality by 2050. Eni is active at every stage of the value chain: from
natural gas and oil to co-generated electricity and renewables, including both
traditional and bio refining and chemicals.

 

Eni has more than 32,000 employees with operations spanning across 62
countries. It has its headquarters in Milan, Italy. To learn more, please
visit www.eni.com (http://www.eni.com) .

 

About Vår Energi

Vår Energi is a leading independent upstream oil and gas company on the
Norwegian continental shelf (NCS). It is committed to deliver a better future
through responsible value driven growth based on over 50 years of NCS
operations, a robust and diversified asset portfolio with ongoing development
projects, and a strong exploration track record. Its ambition is to be the
safest operator on the NCS, the partner of choice, an ESG leader with a
tangible plan to reduce emissions from our operations by 50% within 2030.

 

Vår Energi has more than 900 employees and equity stakes in 39 fields and
the company produced net 220,000 boe per day in 2022. It has its headquarters
outside Stavanger, Norway, with offices in Oslo and Hammerfest. To learn more,
please visit www.varenergi.no (http://www.varenergi.no) .

 

Disclaimers

Goldman Sachs International is acting for Neptune Energy in connection with
these transactions and no one else and will not be responsible to anyone other
than Neptune Energy for providing the protections afforded to its clients nor
for giving advice in relation to these transactions or any other matter
referred to herein.

N.M. Rothschild & Sons Limited ("Rothschild & Co") is acting for
Neptune Energy in connection with these transactions and no one else and will
not be responsible to anyone other than Neptune Energy for providing the
protections afforded to its clients nor for giving advice in relation to these
transactions or any other matter referred to herein.

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