Energean Posts Strong Results for H1 2020

Energean Posts Strong Results for H1 2020

International oil and gas exploration and production (E&P) company, Energean, has recorded strong results for the period ending on June 20, with combined business pro forma production of 52,100 barrels of oil equivalent per day (bbloe/d), according to a press release.

Production exceeded the previous full-year predictions of 44,500 – 51,500 bbloe/d. As a result of the strong production figures, the sales have generated a combined business pro forma revenue of $177 million and operating cash flow was $66 million.

In terms of project completion, significant operational progress has been achieved at the flagship Karish project. Its estimated first gas will be delivered in H2 2021 with gross production of 100,000 bbloe/d.

Speaking on the project, Mathios Rigas, Chief Executive at Energean commented, “Despite some COVID-19-related disruptions, in the year-to-date, we have made solid progress on our flagship gas project in Israel, which is scheduled to deliver first gas in H2 2021. We have successfully performance-tested all three Karish development wells, delivered a resource upgrade at Karish North, completed the installation of the 8 bcm/yr capacity, 90km pipeline that will deliver Energean’s gas sales into the Israeli domestic market.”

However, due to the current climate with the pandemic, further reductions in 2020 combined business pro forma capital expenditure (Capex) have been revised to between $635 million and 705 million. This represents a $75 million – $125 million reduction on June’s calculations.



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