Energean is a London-based independent exploration and production company focused on developing resources in the MediterraneanEnergean Oil & Gas has renegotiated its purchase of Edison’s exploration and production business, reducing the cost by two-thirds after oil prices crashed and parts of the deal fell through. Shares in the FTSE 250 oil and gas group surged by 22.2 per cent or 98½p to 542p yesterday after Energean said the $750 million deal agreed last summer had been reworked into a $284 million agreement for fields in southern Europe, Egypt and the North Sea. It said that $111 million of the reduction reflected lower oil and gas prices, $200 million to no longer buying Edison’s Norwegian fields, and $155 million to no longer buying its Algerian assets. The company said the amount it would pay was now $178 million as Edison would

Source: The Times June 29, 2020 23:12 UTC