IN BRIEF: Energean notes pre-emption challenge to Chevron Angola deal

Energean PLC - London-based energy company - Updates on its proposed acquisition from Chevron Corp of a 31% operated interest in Block 14 and a 15.5% non-operated interest in Block 14K, offshore Angola. Says one of Chevron’s joint venture partners, Etu Energias, intends to exercise its pre-emption rights in relation to the deal. Says Energean and Chevron’s sale and purchase agreement remains in effect until the pre-emption right is validly exercised and executed, and until Chevron and Etu Energias have executed and completed a new sale and purchase agreement. Notes that any assignment to Etu Energias must be on the same or equivalent terms as Energean’s deal with Chevron. This includes the buyer’s requirement to provide evidence that it is a proven operator of at least one existing deepwater oil and gas-producing asset at depths greater than 300 metres, within 15 days of signing and at the ‘unconditional date’.

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