StockMarketWire.com - Oil and gas producer Energean said it had agreed to sell Edison E&P's UK and Norwegian subsidiaries to Neptune for up to $280m

The sale was contingent on Energean completing its proposal to acquire Edison E&P. The combined Edison E&P UK and Norway subsidiaries represented $408m of 2018 gross assets and $33m of 2018 pre-tax losses.

Under the agreement, Neptune Energy would fork out $250m to Energean, with additional cash contingent consideration of up to $30m. The net proceeds of the sale would be used to further strengthen Energean's balance sheet and provide additional financial flexibility across the expanded portfolio, the company said. 'The onward sale is in line with Energean's stated strategy of becoming the largest independent gas-focused E&P company in the Mediterranean, and its previously stated intention to dispose of non-core assets,' it added.



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