Argo Cassiopea is a development of offshore gas fields in Sicily and part of this E&P interest deal.
Energean’s planned sale of its offshore/onshore E&P interests in Egypt, Italy and Croatia has been held up.
The buyer, an entity controlled by Carlyle International Energy Partners, has still not obtained certain regulatory approvals in Italy and Egypt, with no assurance that these conditions will be satisfied by March 20, as stipulated in a sale and purchase agreement signed by the parties last June.
In addition, Energean has not reached an agreement with Carlyle to extend the longstop date beyond March 20.
If the outstanding conditions precedent are not satisfied (or waived) by the relevant long stop date, there is the risk that the transaction may be terminated, Energean warned.
