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Edison: completes Edison Norge sale to Sval Energi for a value of USD 374 mln
Through this transaction, Edison sells all the Norwegian hydrocarbon exploration and production activities, executing the divestment of the sector.
Milan, March 25, 2021 – Edison announces the closing of the agreement signed with Sval Energi on December 30, 2020 to sell 100% of Edison Norge AS. Through this transaction, Edison exits the hydrocarbon exploration and production activities in Norway. The overall value at the closing of the transaction is estimated at USD 374 million, a portion of which already collected by Edison and another portion equal to USD 12.5 million will be received at the Dvalin field production start-up. The consideration at closing date is approximately USD 334 million.
Edison Norge AS owns participating interests in the fields under development of Nova and Dvalin – which have estimated net reserves of 25.9 million barrels of oil equivalent in Edison’s share at December 31st, 2020 - and a portfolio of 5 exploration licenses.
This transaction is part of Edison’s planned divestment of its hydrocarbon exploration and production activities, following the sale of Edison E&P to Energean completed in December 2020, and confirms a strategy in line with the Country's energy transition and national decarbonisation targets. In the short term Edison will invest in Italy the financial resources obtained from the sale of these assets to support the company’s growth plan in the strategic areas, i.e. generation from renewable and low carbon sources, energy efficiency, sustainable mobility and value-added services for clients.
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Public disclosure requirements under CONSOB Resolution no. 11971 of 14 May 1999, as amended.
Milan, March 25, 2021 – Edison announces the closing of the agreement signed with Sval Energi on December 30, 2020 to sell 100% of Edison Norge AS. Through this transaction, Edison exits the hydrocarbon exploration and production activities in Norway. The overall value at the closing of the transaction is estimated at USD 374 million, a portion of which already collected by Edison and another portion equal to USD 12.5 million will be received at the Dvalin field production start-up. The consideration at closing date is approximately USD 334 million.
Edison Norge AS owns participating interests in the fields under development of Nova and Dvalin – which have estimated net reserves of 25.9 million barrels of oil equivalent in Edison’s share at December 31st, 2020 - and a portfolio of 5 exploration licenses.
This transaction is part of Edison’s planned divestment of its hydrocarbon exploration and production activities, following the sale of Edison E&P to Energean completed in December 2020, and confirms a strategy in line with the Country's energy transition and national decarbonisation targets. In the short term Edison will invest in Italy the financial resources obtained from the sale of these assets to support the company’s growth plan in the strategic areas, i.e. generation from renewable and low carbon sources, energy efficiency, sustainable mobility and value-added services for clients.
***
Public disclosure requirements under CONSOB Resolution no. 11971 of 14 May 1999, as amended.
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