Energean Announces Increase in Revenue as Production Expected to Rise



(Alliance News) – Energean PLC reported an increase in profits and revenue on Thursday by touting the eastern Mediterranean as a center for oil and gas exploration.

In the nine months ended September 30, adjusted earnings before interest, taxes, depreciation, amortization and exploration expenses increased to $348.5 million from $141.3 million in the same period last year. last.

The London-based gas exploration and production company said revenue rose 57% to $550.2 million from $349.0 million last year.

Its average production over nine months was 35,200 barrels of oil equivalent, of which 73% was gas. For the full year, Energean expects to produce between 44,000 and 47,000 barrels of oil equivalent per day. The increase reflects the contribution from the Karish project, which began production on October 26.

Speaking on the broader context of energy in the Eastern Mediterranean, Director General Mathios Rigas said the region had attracted “international interest” as a growing population in the region needs a “secure and secure energy supply”. reliable”.

“The world is beginning to understand what we have known since our inception. The Eastern Mediterranean is a very promising region. There is every chance that more gas discoveries are to come,” Rigas said.

Energean had $608.1 million in group liquidity as of September 30, with $855.0 million in total liquidity.

Energean declared a third-quarter dividend of 30 cents a share under a dividend program that will yield at least $1 billion through 2025, he said.

For the future, he awaits the results of the Hercules well, off Israel, before the end of the year. First gas from the North El Amriya and North Idku concession in Egypt is expected in the first half of 2023.

“The period has been about achieving significant milestones and supporting Energean’s next phase of growth,” Rigas said. “We delivered the first gas, ensuring Israeli energy security and introducing competition to the Israeli gas market. We successfully delivered five out of five deep water wells in our growth drilling campaign, demonstrating our deep knowledge of the rocks of the Eastern Mediterranean.

Shares of Energean were trading down 4.3% at 1,421.00 pence apiece in London on Thursday morning.

By Chris Dorrell; [email protected]

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