October 14, 2019

Neptune Energy has entered into a conditional agreement with Energean Oil and Gas to acquire Edison E&P’s UK and Norwegian producing, development and exploration assets for $250 million.

Pending Energean’s completion of its proposed acquisition of Edison, the portfolio will give Neptune an estimated 30 million barrels of oil equivalent of 2P reserves and near-term production in core areas of the North Sea, close to infrastructure. The transaction includes a 25% interest in the Glengorm gas condensate discovery, as well as interests in Scott, Telford, Tors, Wenlock and Markham, among others.

The transaction is subject to regulatory approvals, with completion expected early in 2020. Read more…