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Energean cuts outlook on spending; Karish remains on track for first gas in Q4 2021
StockMarketWire.com
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oil and gas company Energean cut its capital expenditure guidance for the full-year and said it was on track to deliver first gas from its karish oil project in Israel in the fourth quarter of next year.
For the nine months to 30 September 2020, pro forma production was 50 kboed, compared with full year guidance of 44.5-to-51.5 kboed, the company said.
Revenue was $252 million and operating cash flow was $94 million.
The company said it would complete its acquisition of Edison E&P in December 2020. 'Following completion of the deal, approximately 70% of our future production will be sold under long-term gas sales agreements that will largely insulate our revenues against commodity price volatility...'
'In the third quarter, we have continued to make solid progress on Karish, our flagship gas project in Israel, which is scheduled to deliver first gas in 4Q 2021,' it added.
The 2020 pro forma full year working interest production guidance was maintained at between 44.5 to 51.5 kboed, but capital expenditure was reduced to $625-to-685 million, from $635-to-705 million previously.
At 8:11am: (LON:ENOG) Energean PLC share price was 0p at 677.6p
Story provided by StockMarketWire.com
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