EGYPT: Energean Announces Termination of Strategic Sale of Abu Qir, North East Almreya and North Idku Concessions
Energean has provided an update on the proposed sale of its portfolio in Egypt to an entity controlled by Carlyle International Energy Partners.
Energean says it has not been able to reach agreement with Carlyle to extend the longstop date
beyond 20 March 2025.
Accordingly, the Company has today terminated the SPA and will no longer proceed with the Transaction.
Energean will provide an update to the market in its May Trading Statement & Operational Update which will contain:
- Updated 2025 production and financial guidance for the Group perimeter (including Egypt, Italy and
Croatia). - A strategy update on the forward-plan opportunities for the Egypt, Italy and Croatia assets.
- The Group’s new dividend policy (as previous envisaged to be announced upon Transaction closing or termination).
Mathios Rigas, Chief Executive of Energean, commented:
“Today, we are announcing the termination of our transaction with Carlyle. This decision was made in the best interests of all our stakeholders, including our employees, investors, host governments, and partners. These groups rely on clarity of ownership and responsible stewardship to ensure the effective management of our vital oil and gas assets, and we remain fully committed to meeting these expectations.
“While I am disappointed that Carlyle was unable to obtain the necessary approvals in Italy and Egypt under the terms of the SPA, I want to reaffirm that this outcome does not change our strategic direction or our commitment to growth and shareholder returns. Energean remains a strong, diversified oil and gas company, and we are excited to continue building on our successes.
“Italy, Egypt and Croatia will remain core pillars of our operations, and we look forward to driving further
investment, development, and value creation in all countries. Our commitment to the Mediterranean and the wider region is unwavering, and we will