Neptune Energy ends deal to buy Edison E&P’s UK and Norway assets

Neptune Energy announced that it has agreed to terminate the agreement to acquire Edison E&P’s UK and Norwegian subsidiaries from Energean Oil and Gas.

Neptune will pay a US$5 million termination fee to Energean.

Intially Neptune Energy agreed in October last year to acquire Edison E&P’s UK and Norwegian assets for $250 million in cash.  The assets to be acquired included an estimated 30 million BOE of 2P reserves and near-term production close to infrastructure.

Neptune said in a statement that it will continue to pursue its pipeline of global development projects and other growth opportunities.