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Energean PLC on Thursday reported increased earnings and revenue as it touted the Eastern Mediterranean as a centre of oil and gas exploration.
In the nine months that ended September 30, adjusted earnings before interest, tax, depreciation, amortisation and exploration expense increased to $348.5 million from $141.3 million in the same period last year.
The London-based gas exploration and production company said revenue increased 57% to $550.2 million from $349.0 million last year.
Its nine-month average working interest production was 35,200 barrels of oil equivalent, of which 73% was gas. For the full year, Energean expects to produce between 44,000 and 47,000 barrels of oil equivalent per day. The increase reflects the contribution from the Karish project, which commenced production on October 26.
Speaking about the wider context of energy in the Eastern Mediterranean, Chief Executive Officer Mathios Rigas said the region has attracted "international interest" as a growing population in the region needs a "secure and reliable energy supply".
"The world is beginning to understand what we have known since our inception. The East Med is a highly prospective region. There is every chance of more big gas discoveries to come," Rigas said.
Energean had $608.1 million in group cash as of September 30, with $855.0 million in total liquidity.
Energean declared a third-quarter dividend of 30 cents per share as part of a dividend programme that will deliver at least $1 billion until 2025, it said.
Looking forward, it expects results from the Hercules well, offshore Israel, before the year-end. First gas from the North El Amriya and North Idku concession in Egypt is expected in the first half of 2023.
"The period has been about meeting major milestones and underpinning the next growth phase of Energean," Rigas said. "We delivered first gas, underwriting Israeli energy security and introducing competition into the Israeli gas market. We have delivered five successful deepwater wells out of five in our growth drilling campaign, demonstrating our deep knowledge of the East Med rocks."
Shares in Energean were trading 4.3% lower at 1,421.00 pence each in London on Thursday morning.
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