Energean's Planned Angola Block Acquisition Faces Pre-emption Rights Setback
Energean (ENOG.L) said Wednesday that Etu Energias sought to exercise its pre-emption rights over Chevron's (CHV.F) interests in Block 14 and 14K in offshore Angola, which the natural gas-focused exploration and production company is planning to acquire.Energean added that its acquisition deal with Chevron remains in effect until the relevant pre-emption right is validly exercised and executed, and until a new sale and purchase agreement between Chevron and Etu Energias has been completed.The company also noted that the Angola-based Etu Energias, which is one of Chevron's joint venture partners, must satisfy the same buyer conditions, including proving that it is a deepwater oil and gas operator with at least one existing producing asset at water depths of over 300 meters.In March, Energean agreed to purchase Chevron's 31% operated interest in Block 14 and 15.5% non-operated interest in Block 14K for a base consideration of $260 million, plus up to $250 million in contingent payments.
