Energean Oil to sell Edison North Sea assets

Israel-focused Energean Oil & Gas Plc on Monday agreed to sell Edison E&P North Sea assets to Neptune Energy Group for up to $280 million, as part of an ongoing plan to sell non-core assets.
Energean, which is focused in the Mediterranean, will sell Edison E&P's UK and Norwegian units for $250 million, with additional cash contingent consideration of up to $30 million.
In a move to expand in the Eastern Mediterranean region, Energean in July agreed to buy the oil and gas division of Italian energy company Edison for up to $850 million.
That acquisition was to push deeper into the Eastern Mediterranean gas hub, where Edison has a significant presence in Egypt's rapidly growing offshore basin.
The sale announced on Monday is subject to Energean completing the Edison deal, it said.
"Neptune is a leading player in the UK and Norway upstream sectors and, as such...