Energean PLC (LSE:ENOG) has confirmed the termination of its proposed sale of assets in Egypt, Italy and Croatia to Carlyle International Energy Partners.
The company said the decision followed the failure to obtain regulatory approvals in Italy and Egypt by the agreed longstop date of 20 March. As a result, the binding Sale and Purchase Agreement signed on 19 June last year has been terminated.
Chief executive Mathios Rigas told investors that despite the disappointment, the outcome does not change the strategic direction of the company.
"Italy, Egypt and Croatia will remain core pillars of our operations, and we look forward to driving further investment, development, and value creation in all countries,” Rigas said in a statement.
“Our commitment to the Mediterranean and the wider region is unwavering, and we will continue to expand our portfolio, support energy security, and deliver sustainable growth in the years ahead.”
Energean said it would provide a further strategy update and revised 2025 financial guidance in its May trading statement.