London-listed, Israel-focused Greek independent Energean announced this week that it has agreed to pay an initial $750mn, with $100mn in possible add-ons, for the E&P assets of Italian utility Edison, a subsidiary of France’s EdF. The Greek firm managed to beat off interest from the UK’s Cairn Energy, which was also a front-runner for the assets that EdF had initially valued at around $2bn (MEES, 11 January).
Edison’s two key producing assets are in Egypt and Algeria. It operates the 270mn cfd Abu Qir field off Alexandria, and has 11.25% of the 280mn cfd Repsol-operated Reggane North development in southwest Algeria which started up in late 2017 (MEES, 22 December 2017). (CONTINUED - 628 WORDS)