Energean sells Egypt, Italy, Croatia portfolio to Carlyle

"Completion is expected by year-end 2024, subject to customary regulatory and antitrust approvals," Energean said in a press release.

This enterprise value is representing more than a three times return since the portfolio was acquired for $284 million in 2020, it added.

"This transaction will deliver to Carlyle a diversified portfolio of highly strategic gas-weighted assets with expected production equivalent to 47,000 barrels of oil per day and operations across Italy, Egypt, and Croatia, with well-advanced, large-scale developments in markets that are supportive of new gas development," Carlyle said in a separate press release on Thursday.

This sale enables Energean to rationalise the portfolio and focus on its gas-weighted, gas development strategy, underpinned by the Karish Field in Israel and recent farm-in to the Anchois field in Morocco, Energean said.

($ = 0.933 euro)