Energean (LSE:ENOG) said Chevron has informed it that Etu Energias has served notice for the exercise of pre-emption rights, potentially impacting the deal for Angolan assets announced previously, in March.
The London-listed oil and gas company said the agreement with Chevron remains in effect, until the pre-emption claim is determined to have been validly exercised and, if so, a new sale and purchase agreement between Chevron and Etu Energias has been executed and completed.
Energean noted that any assignment to Etu must be on the same or equivalent terms as Energean’s agreement, and said it would be subject to the alternate buyer delivering evidence that it is a "proven deepwater oil and gas operator" with at least one existing deepwater producing asset in water depths greater than 300 metres.
In Wednesday's statement, Energean said it will provide further updates as and when appropriate.
