Energean Energy company has announced positive trading updates on November 16, including developments of its drilling program in Egypt.

“We have commenced drilling of the Orion 1x well in Egypt, where we have signed a farm-out agreement that will reduce our net exposure and enhance our returns. This is in addition to an attractive portfolio of exploration assets that have the potential to add significant value,” Energean CEO Mathios Rigas commented.

The company’s overall production reached 150,000 barrels of oil equivalent per day (boe/d) in the past few days. Moreover, Energean delivered more than $1 billion in revenues, while the adjusted EBITDAX recorded $623 million in the nine months up to 30 September 2023.

“We have also reduced our Group leverage ratio to 3.5x and continued our dividend payments, demonstrating our commitment to delivering shareholder value,” Rigas noted.

“I am sincerely grateful to all our employees, who have shown remarkable resilience, dedication and professionalism in the face of the challenging environment. Their unwavering commitment to our business and our values has been instrumental in delivering both operational excellence and growth. We are proud of our diverse and talented team, and we will continue to invest in their development and wellbeing,” Rigas said.