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Energean agrees to acquire remaining 30% stake in Energean Israel from Kerogen
StockMarketWire.com
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Energean said it had into a conditional sale and purchase agreement with Kerogen, an affiliate of Kerogen Capital, for the proposed acquisition of the latter's 30% stake in Energean Israel.
Following the acquisition, which was expected to close in Q1 2021, Energean would own 100% of Energean Israel.
The company paid an up-front payment of $175 million, and agreed to pay deferred cash amounts totalling between $155 million and $180 million, and $50 million of convertible loan notes, which had a maturity date of 29 December 2023 a strike price of £9.50 and a zero-coupon rate.
The acquisition would add 2P reserves of 29.5 billion cubic metres of gas and 30 million barrels of liquids, representing approximately 219 million barrels of oil equivalent in total to Energean.
The acquisition would require shareholder, regulatory and other customary approvals.
The Energean power FPSO was expected to sailaway from Singapore to Israel in 3Q 2021 and to deliver first gas in 4Q 2021, the company said.
At 8:38am: (LON:ENOG) Energean PLC share price was 0p at 677.6p
Story provided by StockMarketWire.com
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