An international consortium led by Energean Egypt (50% operator and Croatia’s INA Nafta 50%) was awarded an exploration license for the East Bir El-Nus concession (Block-8) in the Western Desert of Egypt, according to a press release published by the company.
The award is in line with Energean’s strategy to increase and diversify its presence in Egypt and reinforces its commitment to the country.
The scope of the license includes a 170km 2D seismic survey, a 200km2 3D seismic survey, plus two exploration wells, which are expected to target estimated resources of approximately 100 million barrels of oil equivalent (mmboe).
Energean provided an update on recent operations and the Group’s trading performance in the 12-months to 31 December 2021 together with guidance for 2022.
On this occasion, Mathios Rigas, Chief Executive of Energean, commented: “2021 was an outstanding year for Energean, one in which we delivered excellent operational and record financial results. Production came in above initial expectations and we recognised all-time-high gas prices in Italy. As a result, we’ve generated full year revenues of over $495 million and EBITDAX in excess of $200 million.