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Energean Strategic sale of Egypt, Italy and Croatia portfolio to Carlyle

The economic effective date of the Transaction is 31 December 2023 (“Effective Date”).

RE+D magazine

20.06.2024

Energean plc (is pleased to announce that it has entered into a binding agreement for the sale of its portfolio in Egypt, Italy and Croatia to an entity controlled by Carlyle International Energy Partners (“Carlyle”) for an enterprise value (“EV”) of up to $945 million, of which $820 million is firm (the “Transaction”).

Completion is expected by year-end 2024, subject to customary regulatory and antitrust approvals.

Carlyle’s offer for Energean’s Egypt, Italy and Croatian portfolio has a total enterprise value of up to $945 million plus a $/boe contingent payment linked to the recent Location B well in Egypt. This is over a 3x increase versus the original acquisition value of $284 million in 20205 , and gives a firm EV/2P multiple of $5.4/boe (versus c.$1.2/boe) 6 .

The economic effective date of the Transaction is 31 December 2023 (“Effective Date”).

ENERGEAN