(Alliance News) - Energean PLC on Monday announced the potential acquisition of Kerogen Capital's 30% stake in Energean Israel Ltd.
The London-based exploration and production company with operations in Israel, Greece and Egypt said it has entered into an 30-day exclusivity arrangement with an affiliate of Kerogen Capital regarding the acquisition.
"The terms of the potential transaction remain subject to discussion and there can be no certainty that a transaction will proceed. Energean will update the market as and when it is appropriate to do so," Energean said.
If an agreement can be reached, Energean will own 100% of Energean Israel, up from 70%.
Energean Israel wholly owns the Karish and Tanin leases, off the shore of Israel. A recent independent report certified that there is approximately 729 million barrels of oil equivalent across the leases.
Energean shares were marginally up at 799.60 pence each in London on Monday morning.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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Energean Oil & Gas (ENOG)