Energean and Edison have entered into a formal agreement to exclude Algerian assets from the proposed sale of Edison's E&P business to Energean.
Energean back in January said that Algeria would be excluded from Energean's pending acquisition of Edison E&P, after an intervention from Algerian Authorities.
The Greek oil and gas company in July last year agreed to buy Italy-based Edison's oil and gas subsidiary Edison Exploration & Production for an initial consideration of $750 million.
Edison E&P’s portfolio of assets includes producing assets in Egypt, Italy, Algeria, the UK North Sea and Croatia, development assets in Egypt, Italy and Norway.
Average working interest production from the Edison E&P portfolio during 2019 was 64.2 kboed, of which Algeria contributed 5.2 kboed.
Energean on Friday said it entered into a formal amendment to the SPA on April 2, 2020, in which the Algerian Assets would be excluded from the scope of the acquisition.
"In recognition of the exclusion of the Algerian Assets, there will be an adjustment to the total consideration of the acquisition of approximately $150 million (as at the lock-box date of 1st January 2019)," Energean said.
The company said it was working to complete the acquisition of Edison E&P as soon as is possible in 2020, subject to the approval of its shareholders and the other relevant governments.
After the completion of the acquisition, Energean plans to complete the previously announced agreement for the sale of Edison E&P's UK and Norwegian subsidiaries to Neptune for $250 Million plus contingent consideration of up to $30 million "as soon as reasonably practicable."
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