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Energean profit slips on lower energy prices; targets maiden divi in 2022
StockMarketWire.com
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Gas company Energean said it would target its maiden dividend in 2022, even after reporting wider annual losses as revenue fell on lower energy prices.
For the year ended 31 December, pre-tax losses widened from $113.6 million a year earlier to $404.3 million as revenue fell 63% to $28.0 million.
Working interest production averaged 3,600 boepd in 2020, up from 3,300 boepd, with the Prinos oil field, offshore Greece, accounting for approximately 50% of total output.
The company said it continues to work towards first gas from Karish in 1Q 2022, with an offtake agreement for Karish liquids expected in the second half of the year.
Looking ahead fiscal 2021, the company is targeting working interest production expected in a range of 36,000-to-41,000 boepd, increased by 1,000 due to the absorption of the Rospo Mare and Vega interests.
Development and production capital expenditure is expected to fall to $470-to-550 million, from $510 to 590 million previously.
'Our focus in Israel is delivery of first gas from Karish and commencing our 1 billion boe growth programme,' the company said.
Story provided by StockMarketWire.com
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