Edison Algerian assets excluded from Energean deal

Energean Oil & Gas said the $750m deal to buy Edison Exploration and Production had been revised to exclude Algerian assets at a cost of $150m.

Energean and Edison had been working together to overcome difficulties in obtaining consent from the Algerian authorities, the company said on Friday.

However, in order to continue with plans to finalise closing with Energean, Edison decided to retain ownership of the assets by using an intercompany transfer to exclude them from scope of the sale.

Energean said it was working to complete the acquisition “as soon as is possible in 2020” so it could then finish a follow-on deal to sell Edison's UK and Norwegian subsidiaries to Neptune Energy for $250m in cash.

In a separate statement, Energean announced the sail away of the floating production storage offloading hull from a shipyard in China.

It was now being towed to the Sembcorp Marine Admiralty Yard in Singapore, for further construction, before it is mobilised to the Karish field in Israel for installation.