On 14 October 2019 Energean Oil and Gas announced that, subject to the completion of its acquisition of Edison Exploration and Production S.p.A, it has subsequently entered into a Sale and Purchase Agreement (SPA) with Neptune Energy Group Holdings Ltd for Neptune to acquire Edison's UK and Norwegian subsidiaries. Cash consideration for the deal is an initial USD 250 million and it will have an effective date of 1 January 2019. A further consideration of USD 30 million could be paid to Energean if the Glengorm discovery (by the end of 2025) or the Isabella prospect (if successful - by the end of 2026), receive field development approval from the Oil and Gas Authority. The deal is subject to regulatory approvals and is expected to complete in 2020. Energean intends to focus its activities in the Mediterranean area and therefore its North Sea assets are considered to be non-core.  Energean Oil and Gas announced on 4 July 2019 that it had agreed to acquire Edison Exploration and Production S.p.A. The Greece-based company will acquire the upstream division of Edison, controlled by Franceâs EDF, for a consideration of USD 750 million (to be adjusted for working capital) with an additional contingent consideration of USD 100 million payable upon achievement of the first gas from the Argo and Cassiopea project offshore Sicily, which is expected by 2022. Edison will also keep an 8% royalty on profit production from future discoveries made in Egypt within the North Thekah Offshore and North East Hap'y blocks.  In the UK Edison holds interests in three licences â P701, P1820 and P2215 through its subsidiary Euroil Exploration Limited. The company is a partner in the HPHT Glengorm discovery made by CNOOC in early 2019. The 250 MMboe gas condensate discovery is slated for appraisal in 2020. Edison is also a partner in the Total operated Isabella HPHT target which is scheduled to be drilled in Q4 2019 and is another gas condensate target. Edison also holds interest in producing UK fields - Markham, Scott and Telford, Wenlock and Tors which is strategically important to Neptune's operated Cygnus field.   In Norway Edison holds interests in 14 licences, five of which it operates. These contain two fields which are under development â Dvalin (118 MMboe gas, due onstream in 2020) and Nova (79 MMboe oil and gas, due onstream 2021) â and four small discoveries (which, according to the NPD, are unlikely to be developed).
United Kingdom (Edale Gulf (Pennine High)) Markham (STOR)