(Finance) – Edison signed an amendment to the agreement for the sale of the stake in the Reggane Nord license in Algeria, following the exercise of the right of first refusal by Repsolon the basis of the related Joint Operating Agreement.
Therefore, the contract signed on 4 May last which concerned the sale to Wintershall Dea Algeria Gmbh alone was modified to provide for the sale of Edison’s stake in the Reggane Nord on-shore gas field (equal to 11.25%), in part to Repsol (6.75%) and partly to Wintershall Dea (4.50%).
The value of the transaction remains confirmed on the previously communicated estimate of approximately USD 100 million at the reference date of 1.1.2022, as well as all other terms and conditions.
The Reggane Nord field came into operation in 2017 and consists of 19 wells currently in production, which provide approximately 2.8 billion cubic meters of gas per year and are sold entirely to Sonatrach in Algeria on the basis of a long term.
Edison therefore confirms “the strategic commitment to focus on the energy transition businesses, completing the definitive exit from the Exploration & Production activities launched in 2019 through this operation”.