{"id":125988,"date":"2019-07-04T13:30:34","date_gmt":"2019-07-04T13:30:34","guid":{"rendered":"https:\/\/www.bnreport.com\/energean-strikes-black-gold-in-750m-edf-deal\/"},"modified":"2019-07-04T13:30:34","modified_gmt":"2019-07-04T13:30:34","slug":"energean-strikes-black-gold-in-750m-edf-deal","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/energean-strikes-black-gold-in-750m-edf-deal\/","title":{"rendered":"Energean strikes black gold in $750m EDF deal"},"content":{"rendered":"<p><img decoding=\"async\" src=\"https:\/\/www.cityam.com\/assets\/uploads\/main-image\/full_width_article_body_image\/2015\/10\/oil-13-57eda796c1283-57eda796deda1.jpg\" \/><\/p>\n<p>Energean Oil and Gas took a step towards the big league today with a $750m (\u00a3596m) acquisition of EDFs oil exploration wing.<\/p>\n<p>The company will take over Edison E&amp;P in a deal which it claims makes it one of the biggest independent energy explorers in London.<\/p>\n<p><strong>Read more: <\/strong><a href=\"https:\/\/www.cityam.com\/shares-energean-soar-israeli-energy-minister-hails-major\/\" rel=\"noreferrer noopener\" target=\"_blank\">Shares in Energean soar as Israeli energy minister hails major gas discovery<\/a><\/p>\n<p>It won a race against, among others, London-listed Cairn Energy. Neptune Energy was also understood to be bidding.<\/p>\n<p>The firm, which listed in London in March last year, has a market valuation of around \u00a31.3bn. Its shares soared more than 11 per cent to 935p after the news today.<\/p>\n<p>\u201cI think its a fantastic deal. It is a transformational deal for Energean, it adds a great collection of assets to our book, with a strong production,\u201d chief executive Mathios Rigas told <em>City A.M<\/em>.<\/p>\n<p>The acquisition broadens Energeans portfolio, which currently mainly focuses on two wells in Israel. The $1.7bn development aims to bring gas to the Israeli market by 2021.<\/p>\n<p>It deal brings Energeans reserves to 640m barrels of oil equivalent. Production will hit between 150,000 and 200,000 barrels if it manages to sell more gas to Israel, Rigas said.<\/p>\n<p>But it also gives Energean non-core assets in the North Sea which Rigas said it will look to dispose of.<\/p>\n<p>\u201cI have my simple rule that says that we do business within three hours from flight time from Athens, to keep us focused and make sure that I can manage this business properly,\u201d Rigas said.<\/p>\n<p>The company has set a minimum<a href=\"https:\/\/www.cityam.com\/energean-strikes-black-gold-in-750-acquisition-from-edf\/\" rel=\"noreferrer noopener\" target=\"_blank\"><strong>Read More<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Energean Oil and Gas took a step towards the big league toda..<\/p>\n","protected":false},"author":1,"featured_media":125989,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[],"class_list":["post-125988","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - 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