Energean (ENOG): Angola Block 14 acquisition

This situation live

ENOG Energean

£1,371m · 735.0p · −14% since the first step

12 Mar 2026 · Agreement signed; awaiting approvals · +6% until the next step with closing expected by the end of 2026, subject, inter alia, to government and regulatory approvals and the waiver of applicable pre-emption rights.

19 Mar 2026 · Signed; awaiting approvals; closing by end-2026 · −4% until the next step Angola country entry expected to close by year-end 2026, conditional inter alia on the timely receipt of approvals and waiver of pre-emption rights.

20 May 2026 · Approvals in progress; closing by end-2026 · −16% until the next step The respective processes for obtaining all required government and regulatory approvals, together with the waiver of applicable pre-emption rights, have commenced and are progressing in the ordinary c

3 Jun 2026 · Pre-emption claim by Etu Energias; SPA remains in effect · +17% until the next step The sale and purchase agreement entered into between Energean and Chevron remains in effect until: (i) the relevant pre-emption right is determined to have been validly exercised and executed; and (ii

9 Sep 2026 · Etu signed SPA under pre-emption; Energean SPA still in effect · −15% since In August 2026, the Group was notified that Etu Energias had executed a sale and purchase agreement pursuant to its contractual pre-emption rights

Large acquisition / reverse takeover

Angola Block 14 acquisition

Etu signed SPA under pre-emption; Energean SPA still in effect

Next: Chevron-Etu SPA completion, ending Energean SPA

Every step · 5

12 Mar 2026 Agreement signed; awaiting approvals – with closing expected by the end of 2026, subject, inter alia, to government and regulatory approvals and the waiver of applicable pre-emption rights. ↗
19 Mar 2026 Signed; awaiting approvals; closing by end-2026 – Angola country entry expected to close by year-end 2026, conditional inter alia on the timely receipt of approvals and waiver of pre-emption rights. ↗
20 May 2026 Approvals in progress; closing by end-2026 – The respective processes for obtaining all required government and regulatory approvals, together with the waiver of applicable pre-emption rights, have... ↗
3 Jun 2026 Pre-emption claim by Etu Energias; SPA remains in effect – The sale and purchase agreement entered into between Energean and Chevron remains in effect until: (i) the relevant pre-emption right is determined to have... ↗
9 Sep 2026 Etu signed SPA under pre-emption; Energean SPA still in effect – In August 2026, the Group was notified that Etu Energias had executed a sale and purchase agreement pursuant to its contractual pre-emption rights ↗

What is happening

Energean: Angola Block 14 acquisition – Etu signed SPA under pre-emption; Energean SPA still in effect. ['Etu signed SPA under pre-emption; Energean SPA still in effect']

In short: Energean signed on 12 March 2026 to buy Chevron's Block 14 and 14K stakes offshore Angola for $260m. Etu Energias gave pre-emption notice on 3 June 2026. In August 2026 Etu executed its own SPA with Chevron. Energean's SPA stays in effect until that one completes, so the deal now looks likely to be lost.
Announced: 12 Mar 2026 · Agreement signed; awaiting approvals
Latest: 9 Sep 2026 · Etu signed SPA under pre-emption; Energean SPA still in effect
Conditions: ANPG approval, other consents, waiver of pre-emption rights
Timetable: Final approvals expected in H2 2026; closing by end-2026
Pre-emption notice: Etu Energias purports to exercise pre-emption rights, notified 3 June 2026
SPA status: Energean-Chevron SPA remains in effect until the Chevron-Etu SPA is completed
Equivalent terms: Any assignment must be on the same or equivalent terms as the Energean SPA
Operator condition: Buyer must evidence it is a proven deepwater operator of an existing producing asset in water over 300 metres
Price: $260m base cash (signed 12 March 2026)
Pre-emption: Etu Energias notified 3 June 2026; executed SPA with Chevron, notified August 2026

What comes next

Chevron-Etu SPA completion, ending Energean SPA.

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