Edison Signs Agreement for the Sale of Edison Norge to Sval energi

Source: www.gulfoilandgas.com 12/30/2020, Location: Europe

Edison announces the signing of the agreement with Sval Energi to sell 100% of Edison Norge AS, the company that controls the group's hydrocarbon exploration and production activities in Norway excluded from the scope of the sale of Edison E&P to Energean, as announced on June 29 . The transaction was approved yesterday by Edison's Board of Directors.

The agreement is determined on the basis of an enterprise value of USD 300 million at 1.1.2020, with an estimated impact on Edison Net Financial Position significantly higher than that value.

Edison Norge AS has participations in the assets under development of Nova and Dvalin – which have net reserves estimated of 25.9 million barrels of oil equivalent at December 31 , 2019 - and a portfolio of 5 exploration licenses.

The closing of the transaction is expected within the first half of 2021 and is subject to the necessary approvals for this type of transactions by the Norwegian authorities.

This transaction almost completes Edison’s divestment plan of its hydrocarbon exploration and production activities in order to focus on sustainable development, in line with the Country's energy transition and national decarbonisation targets. In the short term Edison will invest in Italy the financial resources made available by the sale of these assets to support the company’s growth plan in the strategic areas of generation from renewable sources and latest gas technology, services to final clients, energy efficiency and sustainable mobility.

With regard to the 24 persons involved in the transaction, Sval Energi will guarantee specific protection conditions, taking into account the regulatory framework governing the employment rules and the existing market practices in Norway.


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