Energean Oil & Gas said Thursday it has agreed to sell its oil and gas assets in Egypt, Italy and Croatia to The Carlyle Group for up to $945 million.
The deal will include a cash payment of $504 million, and will allow the London-listed company to pay a special dividend of $200 million in addition to fully repaying the company's $450 million in bonds.
The board of the Mediterranean-focused company expects to reformulate its dividend policy after the deal is completed, which is expected by the end of the year.
Energean said that after the sale, it will focus on its main gas production facility off the coast of Israel and exploration activities in Morocco.
“The transaction is in line with our strategy and Energean’s ability to maximize value for our shareholders,” Energean CEO Mathios Rigas said in a statement.
Energean produced 123,000 barrels of oil equivalent per day in 2023. For 2024, it expects production in Egypt to rise to 29,000-31,000 barrels of oil equivalent from around 25,000 barrels of oil equivalent.
