Neptune Energy Terminates Deal to Acquire Edison's UK and Norway Assets

Updated 1 year 3 months ago

Neptune Energy announced it has entered into an agreement with Energean to acquire Edison E&P’s U.K. and Norwegian exploration and production assets for an initial cash consideration of $250 million. The purchase is contingent on Energean completing its proposed acquisition of Edison E&P. This includes a 25% interest in the Glengorm field in the U.K., 15% interest in the Nova field in Norway, 10% interest in the Dvalin field in Norway, and interests in the Scott, Telford, Tors, Wenlock, and Markham fields in the U.K.

These assets represent an estimated 30 million boe. The transaction was announced in October 2019 and expected to close early in 2020. In May 2020, Neptune terminated the agreement.