The 11.25% stake of Edison in the Algerian on-shore gas field will be sold proquota to Wintershall Dea and to Repsol, following the exercise of the right of pre-emption by the latter. With this transaction Edison confirms its exit from Exploration & Production activities.
Milan, June 29, 2022 – Edison announces that it signed an amendment to the agreement for the disposal of the stake in the North Reggane licence in Algeria, after Repsol exercised its right of pre-emption, according to the corresponding Joint Operating Agreement. The contract signed exclusively with Wintershall Dea Algeria GmbH last May 4th has been modified to reflect the disposal of Edison’s stake in the North Reggane on-shore gas field (equal to 11.25%) in part to Repsol (6.75%) and in part to Wintershall Dea (4.50%).
The value of the transaction is confirmed to be as per the previously announced estimate of approximately USD 100 million (as of the reference date of 1/1/2022), and all other terms and conditions remain unchanged.
The North Reggane field started production stream in 2017 and consists of 19 currently productive wells which provide approximately 2.8 billion cubic metres of gas per year sold entirely to Sonatrach in Algeria based on a long-term contract.
With this transaction Edison confirms its commitment to the energy transition and confirms its exit from the Exploration & Production activities, a process which began in 2019.
