Energean announced that it remains committed to closing its portfolio sale in Egypt, Italy, and Croatia to Carlyle International Energy Partners, despite significant delays in obtaining the necessary regulatory approvals.

“Although the necessary regulatory approvals have not yet been obtained by Carlyle, we remain committed to closing the Transaction,” said Mathios Rigas, Chief Executive of Energean. “These are high-quality, diversified assets with significant growth potential and, if the Transaction does not close, we will assess all strategic options, focusing, as always, on the best interests of our shareholders keeping in mind the need for diversification, scale, dividend accretion and growth.”

In August 2024, Energean announced that the completion of the transaction was conditional upon customary regulatory approvals in Italy and Egypt, along with antitrust approvals in Italy, Egypt, and the Common Market for Eastern and Southern Africa.

Thus, the transaction was subject to such conditions being satisfied by a long-stop date of 20 March 2025, or such other date as may be agreed by the duo.

Meanwhile, certain regulatory approvals in Italy and Egypt have not yet been obtained or waived by Carlyle. Energean said that it has no assurance that such conditions will be satisfied on or before 20 March 2025 following the terms of the binding Sale and Purchase Agreement (SPA) signed on 19 June 2024.

Additionally, the company has not been able to reach an agreement with Carlyle to extend the longstop date beyond 20 March 2025.

Energean remains determined to closing the transaction under the terms of the SPA and to maximizing return for shareholders, including via its ongoing dividend program—with or without disposal.