Energean, Neptune Terminate Edison Acquisition Deal 

Energean, Neptune Terminate Edison Acquisition Deal 

Energean Oil and Gas plc terminated its agreement with Neptune Energy for the acquisition of its Edison Exploration and Production’s (E&P) UK and Norwegian subsidiaries, according to a press release.

After backing out of the deal, Neptune will have to pay a $5 million termination fee to Energean. 

Energean also stated that it is in talks with Edison to further amend its sale and purchase agreement (SPA) and restructure Edison E&P transaction to exclude the Norwegian subsidiary of Edison E&P. The statement remarked that such an amendment is not guaranteed.

Accordingly, Energean will hold 25% working and economic interest in the 250 million barrels of oil equivalent (mmboe) Glengorm discovery, and 10% in the Isabella discovery that was announced in March .

Neptune was initially planning to buy Edison E&P’s UK and Norwegian subsidiaries for $250 million with a contingent consideration of up to $30 million. In April, Energean and Edison agreed to exclude Edison’s Algeria assets from the scope of acquisition.

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